Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
A transaction in which an owner of tangible personal property transfers the property to another party while still retaining ownership of such property is known as a " Bailment".
What do you mean by Bailment?
The term Bailment is the term under the law which describe the possession of particular of property that is given by seller to buyer without transferring the ownership.
The example of this type of bailment include contracts for the lease of a car, movement of goods and sale of goods on consignment basis.
According to the English Common Law, it would justify that the right of a person to possess a thing without owning the thing. This type of right authorize the specific transactions to be conducted without the generation of any legal ownership.
At the time when bailor transfer the property to bailee, bailee can used this property of his/her personal use, create a relation between bailor and bailee and for the benefit of bailor only.
This bailment is generally defined as the contract based upon the condition of possession only. In which the property can be disposed off as per the direction of bailor.
Learn more about Bailment, refer to the link:
https://brainly.com/question/24157554
#SPJ4
We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.
