MGMT 3100 Chapter Notes - Chapter 15: Bailment, Texas Education Agency Accountability Ratings System, Business Standard
17 Jul 2016
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Bailment: transfer of possession of a personal property without transfer of ownership. Receiving party agrees to return to property at a later time. Bailee: party-accepting possession of the goods from a bailor. Nature of bailment can be illustrated by comparing it to other common transactions. Sale: sale transfers ownership with or without a change in possession: bailment does not alter ownership but requires a change in possession. Can also occur w/o contract between bailor and bailee however. Delivery of possession without intention to transfer title. Intention that the property will be returned to bailor. Bailments may benefit bailor or bailee, or both parties. Contractual bailments are intended to be of benefit to both parties: one party receives service desired, other receives payment. Gratuitous bailment: a bailment where one party provides no consideration, or where there is no intention to create a contractual relationship.
