BU231 Quiz: Chapter-15-17-BU-231-2
Document Summary
Chapter 15 pgs 323-328: bailment and leasing: bailment: possession of personal property without ownership. Bailee is the party accepting possession of goods. Most bailments are contractual and involve payment, but it can occur without a contract. The essential requirements: delivery of possession without the transfer of title and with the intention that the property will be returned to the bailor. It is possible for bailment to be unintentional and without a contract (ex. leaving behind a coat at a restaurant) Gratuitous bailment: a bailment where one party provides no consideration/ where there is no intention to create a contractual relationship. Contractual bailments are meant to benefit both parties; gratuitous bailments only benefit one party. Sub-bailee: a person who receives a bailment of property form a bailee; in order to avoid liability, the bailee must obtain permission or consent form the bailor for the sub-bailment. Level of care and liabilities are on the bailee when goods are in their possession.
