BUSI 2601 Chapter Notes - Chapter 8: Canadian Intellectual Property Office, Bailment, Hay Rake
3 Apr 2018
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See pages 405 to 406 in 5th or 424-426 in 6th (407-419 5th and 427-435 6th are not examinable) There are 2 key aspects or involvement with personal property ownership and possession. Quite often the 2 aspects reside in the same party. A bailment is a temporary transfer of possession of personal property from the owner, known as the bailor, to another party, known as the bailee. This is what distinguishes bailment from a contract of purchase and sale. Examples of bailment: short-term rental of a car, long term lease of a car, delivery of property for repair, transport of property by a commercial carrier, storage of property in a warehouse, shipping of an envelope by courier. Bailment also common in the consumer context: leaving clothing at a dry cleaning shop, depositing cars at a garage from servicing, storing furniture, borrowing library books.
