BU231 Study Guide - Final Guide: Bailment, Car Rental, Consideration
Document Summary
Bailment transfer of possession of personal property without a transfer of ownership, usually on the understanding that the party receiving the property will return it at a later time. The transferor of property (owner) is called the bailor and the party that receives custody of it is called the bailee. Most bailments are contractual and involvement payment but a bailment can occur without a contract. Think of the owner of a car who lends it to a friend. A bailment may also be involuntary; if a customer leaves a coat behind in a restaurant, the restaurant owners become a bailee of the coat. Possession has been transferred but ownership has not. In a sub-bailment, after receiving the property from the bailor, the bailee transfers possession to someone else, a sub-bailee. Example: punch takes her diamond ring to savoy jewelers for repair. Savoy is unable to do the repair so they send it to.
