BU231 Chapter Notes - Chapter 15: Quantum Meruit, Pawnbroker, Rescission
Document Summary
Bailment: transfer of possession of personal property without a transfer of ownership. Bailor: owner or transferor of the goods. Bailee: party accepting the possession of goods from a bailor. Bailments are usually on the understanding that the bailee will return it at a later time. Personal property (chattels) only; can have documents containing legal rights not real property. Not bailment, since only property of equal value is returned, not the exact asset given. A deposit of specific items of personal property for safekeeping = bailment: licence: bailment requires transfer of possession and a voluntary acceptance of the common law duty of safekeeping. Licence amou(cid:374)ts to o(cid:374)l(cid:455) a g(cid:396)a(cid:374)t of pe(cid:396)(cid:373)issio(cid:374) to use the li(cid:272)e(cid:374)so(cid:396)"s la(cid:374)d on the understanding that possession of any chattel is not transferred, and responsibility for guarding the chattel is not accepted. O(cid:449)(cid:374)e(cid:396) of pa(cid:396)ki(cid:374)g lot does(cid:374)"t a(cid:272)(cid:272)ept (cid:396)espo(cid:374)si(cid:271)ilit(cid:455) fo(cid:396) storage of a vehicle, and grants only a licence to use the lot.
