Management and Organizational Studies 2275A/B Study Guide - Dry Cleaning, Bailment, Accounts Receivable

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Document Summary

Possession without ownership: one party may gain possession of the property of another, often with the intent that the possession will ultimately be returned to the owner. If damaged, they will have to pay damages to the owners by way of compensation. Rights the owner of the property can deal with it as they see fit. Bailment a temporary transfer of possession of personal property from one person to another: bailor owner, bailee borrowing party, ownership remains with the bailor, but possession transfers to the bailee, e. g. Short-term vehicle rental, long-term vehicle lease, delivery of property for repair, transport of property by commercial carrier, storage of property in a warehouse, shipping of an envelope by courier, movie rentals, dry cleaning, borrowing library books, etc. Bailments for value most commercial bailments are based on a contract requiring payment for the use of the property. Bailments that benefit both the bailor and bailee are the most common.