BU231 Lecture Notes - Lecture 13: Pawnbroker, Bailment, Fungibility
Document Summary
What is the commonality: student lends another student a book, max delivers a watch for repair to a jeweller, mr. kotelo gives a pawn broker a guitar for security. Might have been a commercial transaction, but for the student lending another student a book, as there is no exchange. Can"t be a gift as lend was in the phrase. Can"t be a sale as there was no exchange involved or a transferring of ownership. Bailment: a possession of personal property without ownership, transfer of possession of personal property without the transfer of ownership, normally the property will be returned, bailor: Party accepting possession of goods from a bailor: not a transfer of ownership but a transfer of possession. Types of bailment: may be contractual or non-contractual, contractual bailment benefits both parties, non-contractual bailment may be for the benefit of either or both parties. Remedies of a bailee: for a contractual but unpaid bailee:
