Reference no: EM131760132

In your own words, what is a bailment?

Provide an example (your real life or hypothetical) of all 3 types of bailments:

(1) bailment for the sole benefit of the bailor (i.e. - gratuitous bailment);

(2) bailment for the sole benefit of the bailee; AND

(3) mutual-benefit bailment (i.e. - bailment for hire or commercial bailment).

Make sure to identify the category you are discussing.

?Note:

Three (3) Elements of a Bailment:

(1) Personal Property: tangible or Intangible— (not persons or real property - land)

(2) Delivery of Possession: bailee given physical or constructive possession, and knowingly accepts.

Exception:

Involuntary Bailments: bailee is responsible to safeguard property for true owner.

(3) Agreement to return or dispose of property.

Tip: real property (i.e. land, a house, etc.) cannot? be bailed because the second requirement for a bailment is the transfer of possession. One easy way to remember this is that the item should be moveable – e.g. a car, a laptop, a backpack, a boat, etc.