BU231 Study Guide - Final Guide: Franchising, Fire People, Estoppel
Document Summary
Bailment: definition ownership, bailment is a transfer of possession of personal property without a transfer of. To avoid liability, the bailee must obtain permission or consent for the sub-bailment and the sub-bailee must be aware of the bailor"s interest. Sale: involves a transfer of ownership it not need a change in possession, by contrast to a bailment, trust, debt, a transfer of property to a trustee for the benefit of one or more persons does. Rights and duties of a bailee: liability under contract and tort, in contract often the terms (express or implied) outline the duties and liabilities of the bailee. Exemption clauses written into contracts for liability of bailees are construed very strictly by the court. If goods are damaged for any reason not related to performance related to the contract, bailee is not protected by the exemption clause.
