Question

Prompt:

Use the discussion to demonstrate what you learned about bailments. Discuss the 3 types of bailments and identify the legal ramifications regarding possession or acquisition and treatment of the bailment.

Support your responses with examples.

For your citation, you might use articles that define the types of bailments. You can also find articles from experts that suggest which laws apply to each type.

Your initial and reply posts should work to develop a group understanding of this topic. Challenge each other. Build on each other. Always be respectful but discuss this and figure it out together.

Answer 1

Bailment is to transfer the property to other person for limited period of Time for security purpose or other so. It is of many types:

Indefinite Term vs. Fixed Term: If there is an agreement ,a person who transfer the property for some period of time and does not come back . then the property is considered Abandoned and if there is an agreement , then there is no abandonment unless he come back.

Involuntary vs. Voluntary: In an voluntarily other person take the responsibility of the Item. where as involuntarily , the other person give up his duty after some period of time.

Gratuitous, or For Consideration

If a person is paying for the transfering his goods for some period to other person to take care of the goods then this is For Consideration bailment and if other person just taking care of without taking anything is Gratuitous Bailment. Example: Locer facility at temple for some charges. similarly locker facility at shopping mall, or shops without paying anything.

There are some transaction involving bailment as a conditional sale or hire-purchase, in which the seller lets the buyer have possession of the property or goods before purchasing it or pay for it. The buyer pays the purchase price in installments and, when it is fully paid, ownership of the property is transferred from seller to buyer

Example: In case of Home Loan, until and unless the property price is not fully paid to the Bank against the Home Loan . the Bank have the possession of the property.