Textbook Chapter 17.docx

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Management and Organizational Studies
Management and Organizational Studies 2275A/B
Philip King

Chapter 17 – Personal Property The Context of Personal Property  Define: all property, other than land and what is attached to it  Tangible Property  Intangible Property  Acquisition of Ownership  Creation, registration, purchase, trading  No system for registering title to personal property  Acquisition of Possession  Be acquired along with ownership or bailment  Obligations Arising from Ownership and Possession  Person who has temporary possession of the property must take reasonable care of the products Principles of Bailme寄托  Define: temporary transfer of possession of personal property from one person to another  Bailor – ownerbailee – receiver  Is Payment Involved?  Bailment for Value  Gratuito免费的 bailment  The Contract of Bailment  Services  Price  The extent to which the bailee is liable for damages or loss  Remedies for the parties for failure to perform  Liability of Bailees  Bailees are expected to exercise reasonable care  Who benefits from the bailment  The nature and value of the property  Whether payment is involved  The terms of the contract  The limits on liability  Special regulations for the type of bailment that may set out the standard of care  Special circumstances in the transaction (bailor specific instruction or requirement)  The expertise of bailee  Liability of Bailors  Warrant that the goods used by their bailees are fit for the purpose for which they were bailed  Ex>Wheels will not come off from the cars  Remedies  Bailee is attempting to recover a fee  Bailor is trying to recover for damages or loss 1) Has the bailee met the relevant standard of care? 2) Does the agreement cancel or limit bailee’s liability? Types of Bailment for Reward  The Lease  Implied term – leased property will be reasonably fir for its
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