BU231 Study Guide - Final Guide: Cybersquatting, Issued Shares, Arbitration Clause
Document Summary
Bailment: transfer of possession of personal property without transfer of ownership. Contractual bailment: benefits both parties (bailment for value) Non-contractual bailment: benefit either or both parties (gratuitous bailment) Lowest standard of care is for gratuitous bailment where benefit is bailor. Highest standard of care is for gratuitous bailment where benefit is bailee. Bailment for value falls between gb for bailor and gb for bailee. Contractual bailees: regular contract remedies sue for damages, not obtain rescission, sue for quantum meruit. Liens: right for bailee to keep possession until bailor pays; common law right for innkeepers, repairers, common carriers, and lawyers/bankers. Right of sale: bailee can sell goods in their possession to cover costs. Provide specified period of time for bailor to come up with funds. Advance notice of bailee"s intention to sell goods given to bailor. Proceeds of sale go to reimburse bailee for costs of sale, rest goes back to bailor.
