BU231 Chapter Notes - Chapter 15: Bailment, Consideration, High Standard Manufacturing Company
Document Summary
Bailment transfer of possession of personal property without a transfer of ownership. The baliee must take care of the bailor"s goods. Most bailments are contractual and involve payment, however it can also occur without a contract. Essential elements of bailment: (may exist without contract) Delivery of possession without the intention to transfer title. And with the intention that the property will be returned to the bailor. Bailments may benefit the bailor or the bailee or both. Non contractual or gratuitous bailment one party provides no consideration or where there is no intent to create a contractual relationship. Sub-bailee a person who receives a bailment of property from a bailee. Sometimes goods are lost/damaged/destroyed in the possession of a bailee. The terms of bailment are either express or implied by trade customs and establish the duties, level of care and liabilities of the bailee for the goods in possession of the bailee.
