What's the meaning of bailment

The term bailment refers to a legal relationship between two parties in common law, where assets or property are transferred from a bailor to a bailee. In this relationship, the bailor transfers physical possession of a piece of personal property to the bailee for a certain period of time but retains ownership.

What is an example of a bailment?

A legal relationship in which one party (bailor) leaves personal property in the possession, and under the temporary control, of another (bailee). Common examples include leaving a car in a parking garage, lodging a pet at a kennel, or storing household goods in a storage center.

What is called bailment?

A "bailment" is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the "bailor".

What is a bailment contract?

Bailment is an agreement that could be oral or written mutually agreed upon between the person giving possession and the person taking possession, which might involve consideration. The bailor transfers the possession to the bailee for any mutually agreed purpose.

Who is called as Bailee?

The person delivering the goods is called the "bailor". The person to whom they are delivered is called the "bailee'.