BU231 Lecture Notes - Lecture 15: Bailment, Common Carrier
Document Summary
Bailment transfer of possession of personal property without a transfer of ownership. Either contractual (bailment for value) in which both parties benefit or non contractual (gratuitous) Breaching the duty of care requires falling below the standards of care: Medium (reasonable/ ordinary person) = bailment for value. Right of lien bailee has right to retain possession of goods. While the goods are still in the possession of the bailee she must exercise a duty of care to the goods, bailee does not want this so she would like the right of sale. To get right of sale must: 1) inform seller (demand payment), 2) tell bailor when it is going to happen, 3) advertise the sale, 4) auction the property (any surplus of the sale goes to the bailor) Common carrier will transport goods for anyone, held to highest standard and must insure the goods. When shipper defaults the carrier only has the right of lien when there is a k.
