BUS 410 Study Guide - Final Guide: Personal Property, Bailment, Estray

• School: Emory University
• Department: Business
• Course: BUS 410
• Professor: Burdette Allison

Document Summary

Lost, mislaid, and abandoned personal property (1) when is an item lost, mislaid, or abandoned personal property (2) who has rights to lost, mislaid, or abandoned personal property. Keep the personal property until the original owner comes back to claim it: if it is unclaimed, then the owner will be the new owner. Abandoned property (1) you don"t want it anymore intentionally thrown away (2) finders have first rights. The person who picks it up owns it. If it"s abandoned, the original owner doesn"t want it anymore! A bailment can be express (written) or implied. Bailor owner of a piece of personal property and transfers that property to a bailee. Ex: neighbor borrowing a ladder, borrowing a dress from a friend, watching someone"s dog, etc. Exceptional bailment: ex: giving bags to the airline, standard of care: higher than ordinary. Ordinary bailment: (1) bailment is for the sole benefit of the bailor.