Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Join our platform to connect with experts ready to provide precise answers to your questions in various areas. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
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 hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
