BU231 Lecture 1: Bailments
Document Summary
Bailments: a transfer of possession of personal property without a transfer of ownership. Non-contractual: gratuitous bailment: has no consideration and no intention. Involuntary: party who gets possession did not intend it, it just happened by circumstance, parties: Bailee: owner, person who takes possession. Belongs to bailor, bailee is just in possession of it. They are borrowing it: nature of bailment: Personal property (chattels) only can include documents containing legal rights: buildings are property, stuff is property, right to enforce contract is property. Intellectual property are rights (copyright, trademark, etc. : also referred to as chattels: something that means personal property. We think of cattle as cows, however cattle referred to as any livestock. Transfer of possession without transfer of title (ownership: benefits of bailment: Contractual: designed to benefit both parties, bailment for value, has to benefit both parties because that"s what a contract is, you need to have consideration, you give mechanic money, the fix car.
