What is bailment?
Chapter 20-2 Bailments

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Business
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University
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Hard
Josh Josh
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1.
FLASHCARD QUESTION
Front
Back
Bailment is the temporary transfer of possession of personal property from one person (bailor) to another (bailee) for a specific purpose. Ownership remains with the bailor.
2.
FLASHCARD QUESTION
Front
Who retains ownership in a bailment?
Back
The bailor retains ownership in a bailment.
3.
FLASHCARD QUESTION
Front
What rights does a bailee have in a bailment?
Back
Right to Posession
Right to Use
Right to Compensation
Right to legally protect any interference with possession
4.
FLASHCARD QUESTION
Front
What are the elements of bailment?
Back
Delivery of possession of personal property to the bailee.
Acceptance of possession by the bailee.
An agreement that the property will be returned to the bailor when the purpose is accomplished.
5.
FLASHCARD QUESTION
Front
What is constructive bailment?
Back
Constructive bailment occurs when a misplaced item is found, creating a bailment between the finder and the owner, which is then transferred to the owner of the establishment.
6.
FLASHCARD QUESTION
Front
What is constructive acceptance in bailment?
Back
Constructive acceptance means that what you would normally expect to be in a container that is bailed would also be reasonably bailed.
7.
FLASHCARD QUESTION
Front
What distinguishes renting space from bailment?
Back
Renting space, such as a storage unit, is not a bailment because there is no transfer of possession and control to the owner of the facility.
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