What is bailment contract

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.

What is bailment with example?

Bailments may be created by contracts, either express or implied, which require agreement, and the agreement may also be express or implied. Contracts for the lease of a car, for sale of goods on consignment, and for the transport of goods are examples of bailments.

What are the 3 types of bailments?

There are three types of bailments—those that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee. Although the burden depends on the type of bailment, the bailee must always treat the bailor's property with a reasonable amount of care.

What does the term bailment mean?

A 'bailment' is defined as a non-ownership transfer of possession. Under English common law, the right to possess a thing is separate and distinct from owning the thing. Interestingly, as a result of this distinction, in some jurisdictions, an owner of an object can steal their own property.

What is bailment and its kind?

A bailment occurs when someone temporarily transfers property to another person for a limited time and a specific purpose. However, ownership of the property is not transferred. This is what differentiates a bailment from a sale. The person who delivers the article is referred to as the bailor.