Question

In: Economics

4. Explain the concept of bailment. Describe the obligations of the bailor and the bailee and...

4. Explain the concept of bailment. Describe the obligations of the bailor and the bailee and the distinguish voluntary and involuntary bailment. Give an example of a bailment for value

Solutions

Expert Solution

1):-What is a bailment is refer a delivery of personal property by one person (bailor) to another (bailee) who holds the property for a certain purpose, usually under an express or implied-in-fact contract

It involves change in possession but not in title

2) :-Obligations of the bailor to allow the bailee the use of the thing loaned for the duration of the period stipulated or until the accomplishment of the purpose for which the commodatum was constituted

Obligations of the Bailee to pay for the ordinary expenses for the use and preservation of the thing loaned

3) ;-Voluntary Bailment

If person hire any things then for hire: "no negligence" standard of care

GratuitousGratuitous means Different duties of care depending on bailment relationship

If their is Mis-delivery then absolute liability occur

While

Involuntary Bailment

Under it there is not the slightest duty of care, except after they have exerted dominion over the object (then become voluntary)

If there ismid-delivery then absolute liability occur

Don't want to enforce this that people stumble into!

4) :-BAILMENT FOR VALUE under this Bailment involving payment for use of property or service.

For example Must ask: For whose benefit is the bailment?


Related Solutions

A.) Describe the concept of a contract, the 4 elements of an enforceable contract and explain...
A.) Describe the concept of a contract, the 4 elements of an enforceable contract and explain how a contract can be discharged. B.) Describe some defenses to contract enforceability. Describe a quasi-contract and explain why courts impose quasi-contracts in a legal dispute. C.) Describe the elements of an enforceable offer and explain when an offer can be legally revoked. Describe the elements of an enforceable acceptance and explain when an acceptance can be unenforceable?
1) How does a bailment differ from a gift? 2) How does a bailment differ from...
1) How does a bailment differ from a gift? 2) How does a bailment differ from a lease? 3) Give an example of a bailment that is not a contract. Give an example of a bailment that is a contract.
4. Explain the concept of “Creative Destruction”. Who came up with it? Does this concept support...
4. Explain the concept of “Creative Destruction”. Who came up with it? Does this concept support or oppose subsidies to failing firms? How do you define a failing firm?
discuss the concept of externalities and explain FOUR (4) categories of externalities?
discuss the concept of externalities and explain FOUR (4) categories of externalities?
1.Explain patient financial obligations for services rendered? 2. Describe banking procedures as related to the ambulatory...
1.Explain patient financial obligations for services rendered? 2. Describe banking procedures as related to the ambulatory care setting? 3. Identify precautions for accepting the following types of payment a) cash b) check c) credit card d) debit card
4) Describe the importance of knowing and applying the concept of the Foreign Market Beta (FMP)....
4) Describe the importance of knowing and applying the concept of the Foreign Market Beta (FMP). As part of your answer be sure to provide the actual formula and describe the main uses of the FMB for a foreign corporate (institutional) investor.
Explain what obligations the U.S. government has towards its citizens How can these obligations impact individual...
Explain what obligations the U.S. government has towards its citizens How can these obligations impact individual and group rights? Provide real-world examples to support your explanation.
Define and describe the concept of a surety. In your response define and describe the concept...
Define and describe the concept of a surety. In your response define and describe the concept of an insurable interest and the factor of risk as it applies to insurance.
Describe the following concepts: a) Explain the concept of Pareto activity (graphs and equations) with the...
Describe the following concepts: a) Explain the concept of Pareto activity (graphs and equations) with the help and discuss the importance of the concept in economics. b) Lerner index (explain its description and formula). c) Normal profit (define and discuss its importance in economics)
Explain the concept of "Information Cascades" and describe an experimental setup to demonstrate such cascades
Explain the concept of "Information Cascades" and describe an experimental setup to demonstrate such cascades
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT