In: Economics
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
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?