What is Bailment? And its rules?
Understand the Problem
The question is asking for the definition of bailment and its associated rules or legal principles. Bailment typically refers to the temporary transfer of possession of personal property, where the bailee is responsible for its care. Understanding its rules involves knowing the rights and duties of both the bailor and the bailee.
Answer
Bailment is the transfer of possession of property without transfer of ownership.
Bailment is the transfer of possession of property from a bailor to a bailee without the transfer of ownership.
Answer for screen readers
Bailment is the transfer of possession of property from a bailor to a bailee without the transfer of ownership.
More Information
Common examples of bailment include leaving your car with a valet or depositing your clothes at a dry cleaner. Under bailment, the bailee has a duty of care to protect the property.
Tips
A common mistake is confusing bailment with a sale; however, bailment only involves the transfer of possession, not ownership.
Sources
- Bailment: Definition, How It Works, Types, and When It Ends - investopedia.com
- Bailment - Wikipedia - en.wikipedia.org
- Foundations of Law - Bailments - LawShelf - lawshelf.com
