BAILMENT Meaning and
Definition
-
Bailment is a legal term that describes a contractual relationship in which one party (the bailor) temporarily transfers possession of personal property to another party (the bailee), with the agreement that the property will be returned or handled in a specific manner. This arrangement is based on the trust and confidence between the parties involved.
In a bailment, the bailor retains ownership of the property while the bailee only possesses it for a designated period or purpose. The bailee is responsible for taking reasonable care of the property and returning it in the same condition as when it was received, unless otherwise agreed upon. The bailor may provide specific instructions regarding the use or storage of the property during the bailment period.
Bailments can arise in various situations such as renting a car, lending jewelry, depositing valuables in a safe, or leaving goods with a repair technician. Generally, bailments can be categorized into three types: for the sole benefit of the bailor, for the sole benefit of the bailee, or for mutual benefit. Each type of bailment carries different legal obligations and liabilities for both parties.
The purpose of bailment is to protect the rights and interests of both the bailor and the bailee, ensuring that property is not misused, damaged, or stolen while in the bailee's possession. When a bailment is formed, it is important for both parties to clearly understand their rights, responsibilities, and the scope of the bailment agreement. Legal documentation, such as a bailment contract or agreement, may be used to outline these terms and provide proof of the bailment arrangement if any disputes or issues arise.
-
Delivery of goods in trust.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for BAILMENT
- vailment
- nailment
- hailment
- gailment
- bzilment
- bsilment
- bwilment
- bqilment
- baulment
- bajlment
- baklment
- baolment
- ba9lment
- ba8lment
- baikment
- baipment
- baioment
- bailnent
- bailkent
Etymology of BAILMENT
The word "bailment" is derived from the Old French term "bailler", meaning "to give". In medieval times, a bailment referred to the act of entrusting goods or property to another person for safekeeping. Over time, the term came to be used specifically in legal contexts to describe a temporary transfer of possession without transfer of ownership.
Infographic
Add the infographic to your website:
