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Business Law 6.02 -- Bailments Vocabulary

AB
BailmentTransfer of possession of personal property without transfer of ownership
BaileePerson having temporary possession and control of another person's goods, holding them in trust for a specified purpose.
Mutual Benefits BailmentA bailment in which both parties receives a benefit
Bailment by NecessityProperty must be given up by one party
BailorParty who gives up possession of the property
Extraordinary BailmentBailment that requires an unusually high standard of care
Gratuitous BailmentA bailment in which only one party benefits
Tortious BaileeSally finds Amy's iPod in the locker room but does not return it to Amy


Business Ed/Marketing Teacher
East Surry High School
Pilot Mountain, NC

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