MGMT 3100 Lecture Notes - Lecture 9: Bailment, Business Standard, Pawnbroker
27 Dec 2015
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Leasing personal property is a form of bailment. Bailment and leases are contracts in which ownership and possession are separated: called a chattel lease: regarded as a form of financing or alternative to sale, requirements. Delivery of possession without intention to transfer title and with intention that property will be returned to bailor. Can be voluntary or involuntary: contractual bailments benefit both parties. Gratuitous bailment: bailment where one party provides no consideration or where there is no intention to create a contractual relationship. Common types of bailment: involve parting with possession of an item temporarily. Bailment: possession of personal property without ownership; receiving party agrees to return property at a later time: requires transfer of possession and voluntary acceptance of common law duty of safekeeping. Bailor: owner or transferor of the goods. Bailee: party accepting possession of goods from a bailor. Deposit of money in a bank/trust creates creditor- debtor relationship.
