BU231 Chapter Notes - Chapter 15: Bailment, Public Auction
Document Summary
Bailment: a transfer of possession of personal property without a transfer of ownership. personal property stuff , called chattels, or a document containing legal rights. Most are contractual and involve payment intention that property will be returned to bailor. Contractual ( bailments for value ) of value (both benefiting), there must be consideration. Non-contractual can benefit both parties or either party. Gratuitous bailment: a bailment where one party provides no consideration, or where there is no intention to create a contractual relationship. Where there is no consideration or intention to create a legal relationship. Involunary giving someone possession of something unintentionally, must give it back. Bailee: party accepting possession of goods from a bailor. Under contract and tort if a good is damaged, lost, or stolen, the courts determine whether or not the bailee is liable for the loss suffered.
