Bailment: Definition, How It Works, Types, and When It Ends
Who is Bailee with example?
Bailee is an individual who has been entrusted with the possession of goods or property for the purpose of holding, transporting, or performing some other service with respect to those goods or property. The term is most often used in the context of real estate transactions, where a bailee may be hired to oversee the construction or renovation of a property.
What condition of a bailor or an bailee can end a bailment? A bailor or bailee can end a bailment in several ways. First, the bailor can revoke the bailment at any time. Second, the bailee can return the goods to the bailor. Third, the bailment can end when the purpose of the bailment is accomplished. Finally, the bailment can end if either the bailor or bailee dies. Who is bailee in law? A bailee in law is a person who has been entrusted with the custody of property by its owner. The bailee has a legal duty to take reasonable care of the property and to return it to the owner when requested. What is bailment with example? Bailment is the legal relationship between a person who possesses goods (the "bailee") and the owner of those goods (the "bailor"). The bailee has legal possession of the bailor's goods, but the bailor retains ownership of the goods.
Bailment is typically created when the bailor gives the bailee possession of the bailor's goods for a specific purpose. For example, if you take your car to a mechanic for repairs, the mechanic has possession of your car but you retain ownership of the car. The bailment relationship is created by the mechanic's agreement to return your car to you once the repairs are completed.
Other examples of bailment relationships include:
- Storage agreements (e.g., storing your furniture in a friend's basement)
- Rental agreements (e.g., renting a car from a car rental company)
- Towing agreements (e.g., your car is towed by a tow truck company)
In all of these examples, the bailor retains ownership of the goods, but the bailee has legal possession of the goods.
Who is called as bailee?
A bailee is someone who is entrusted with the care of another person's property. The property may be tangible, like a car or a piece of jewelry, or intangible, like a stock certificate or a deed. The bailee is responsible for returning the property to its rightful owner when the owner wants it back, and is liable for any damage or loss that occurs while the property is in his or her care.