BU231 Chapter Notes - Chapter 15: Bailment, Canadian National Railway, Common Carrier
Document Summary
Transfer of possession of personal property, without a transfer of ownership. Party accepting possession of goods from a bailor. A bailment where one party provides no consideration or where there"s no intention to create a contractual relationship. Person who receives a bailment of property from a bailee. An amount a supplier deserves to be paid for g/s provided to the person requesting them. (also described as fair market value of the benefit conferred) Goods that may be replaced with different but identical goods. Business that holds itself out to the public as a transporter of goods for a reward. Person or firm that maintains an establishment offering lodging to any member of the public. Bailment of personal property as security for repayment of a loan where possession passes to the bailee. Business that loans money on the security of pawned goods. Personal property (chattels) only can include documents containing legal rights.
