Bailment- Definition How It Works Types and When It Ends

Bailment- Definition How It Works Types and When It Ends

Bailments happen more often in our day-to-day lives than most people imagine. Most bailments are formed via agreement rather than contracts; however, for a contract to be valid, basic components like consent, legality, and capacity must be considered. A bailment is a legal action where a bailor transfers property or an asset to a bailee for a given period but still maintains ownership (bailment, 2022). Normally, bailments are done for specific reasons, such as repair, lease, or transportation, where the asset is returned to the bailor after completion of the purpose. A bailor is a person who hands over property temporarily to a bailee, whereas the bailee is the person given temporal ownership of the asset by a bailor. Bailments are classified into two categories: based on remuneration and the benefits to the parties. Additionally, bailments have essential features to them.

As already mentioned, there are two major categories of bailments: bailments based on remuneration and bailments based on benefits to the parties. Based on remuneration, bailments are divided into two: gratuitous bailment and non-gratuitous bailment. Gratuitous bailment is made without attention to the gains of either the bailor or the bailee. An example is lending a novel to a friend. In contrast, a non-gratuitous bailment is made with consideration of the benefit. An example is getting a novel from a bookstore at a given fee.

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On the other hand, bailment based on the benefits to the parties involved is broken down into three: bailment for the sole benefit of the bailee, bailment for the sole benefit of the bailor, and bailment for the mutual benefit of the bailor, and the bailee (Liuzzo, 2021). Consistently, bailments, like any other contract, have essential features to them. These features include possession delivery, return of goods, contract for delivery, and purpose for delivery (California State University, Sacramento, 2022).

I have been involved in bailments both as a bailor and a bailee. In a bailment where I was the bailor, I left my dog at my neighbor’s place since I was going for a long trip. My neighbor became the dog owner, but only temporarily for the period I was away. In a bailment where I was the bailee, I borrowed a book from the school library. In this setting, the book was only given to me for a specific period, and I was expected to take it back to the library, where the librarian was the bailor.

Consistently, I have been involved in a bailment for the sole benefit of the bailor. In the bailment where I left my dog with a neighbor, the benefit was solely mine as the bailor and not my neighbor. This is because my neighbor took care of my dog on my behalf for the period I was away. I have also been involved in a bailment for the sole benefit of the bailee. In this bailment, I borrowed a friend’s car to move some items; my friend did not ask for anything in exchange, meaning that the benefit was solely mine as the bailee. Additionally, I have participated in a bailment for the mutual benefit of the bailor and the bailee. In one instance, I took my bicycle for repair. In this event, the bike mechanic who was the bailee changed the bicycle tires, making it possible for me to ride the bike. He repaired it at a price. This bailment benefited both of us. In another instance, I hired a car to travel. The car was put in my possession temporarily but at a fee. In this case, I got to use the car for my travel, and the car owner got payment. In another instance where there was a mutual benefit, I paid to park my car in a good parking space. As a result, my car was kept safe, and the bailee received payment.

Reference

bailment. LII / Legal Information Institute. (2022). Retrieved 15 August 2022, from https://www.law.cornell.edu/wex/bailment.

California State University, Sacramento. Csus.edu. (2022). Retrieved 15 August 2022, from https://www.csus.edu.

Liuzzo, A., 2021. Essentials of Business Law 11e. [S.L.]: McGraw-Hill Us Higher Ed.

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For your final assignment, consider bailments. Begin by defining bailment in your own words. Then, describe some instances in which you’ve been involved in a bailment. Were you the bailor or the bailee? Have you been involved in a bailment for the sole benefit of the bailee? When? How about a bailment for the sole benefit of the bailor? When? And finally, you can probably think of many instances in which you’ve been a participant in a mutual-benefit bailment. Please describe at least three of these, making sure you detail what both parties gained as a result of the bailment.

Bailment- Definition How It Works Types and When It Ends

This week’s assignment should be 3-4 paragraphs.

Liuzzo, A. (2021). Essentials of Business Law (11th Edition). McGraw-Hill Higher Education (US). https://online.vitalsource.com/books/9781264126507

Chapters 24-27

05 Weblinks
Guide to Real Estate Law
The website linked below is a great guide to real estate law. The best thing about it is that it provides a great deal of links to other websites that help explain not only how real estate law was formed, but also how it works. From this site you can find the text to the statutes and regulations that govern the transaction of real property in the United States.So click below to find loads of information on real estate law!

Estate and Trust Law
This website, Hieros Gamos, is a legal research resource on the internet. The section that is linked here focuses upon Estate and Trust Law. It details the statutes and regulations that govern how one’s estate is managed after death. It cites court cases and also includes a fully referenced section on the actual legal texts involved in this portion of law.