BUSI 2601 Lecture Notes - Bailment
12 Dec 2013
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Bailment: transfer property temporarily to possess the goods for its usage. Bailment for value: payment for usage of property (leasing a car and crossing the border raises eyebrows. You have to justify why you"re leasing a car) Gratuitous bailment: dealing with a bailment that requires no transfer of funds (example borrow your neighbor"s slowblower) Where it is for money, there is a higher standard expected because you"re making an economic performance. Obligations: need to determine the service provided, example rent a storage unit, they allow you to have a space. Extent for damage or loss: delivery of a good by a company. Unless they waive any liability in the agreement, they are responsible for reasonable care and diligence. Normally the delivery company is liable for a value of . You are required to return the good with the normal usage of the good. You have to use appropriate care when using the good.
