A bailment is ended when its purpose has been achieved when the parties agree that it is terminated, or when the bailed property is destroyed. A bailment created for an indefinite period is terminable at will by either party, as long as the other party receives due notice of the intended termination.
What are the three ways in which bailments are ended?
A bailment is a temporary transaction. It may end in many ways, such as through agreement of the parties, acts of the parties, destruction of the bailed property, and operation of law.
When the bailment is for a specific purpose it gets terminated as soon as purpose of bailment is?
According to Section 159, in case of gratuitous bailment, the bailor can terminate bailment at any time even if the bailment was for a specific time or purpose.
How does bailment work?
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.