bailment

/'beilmənt/

Thân thiện

The museum holds a bailment of the ancient artifacts for safekeeping.

Definition

1. Noun:
   • A legal relationship involving the delivery of personal property: "Bailment" refers to the act of delivering personal property (goods or chattels) by one party (the bailor) to another (the bailee) for a specific purpose, on the condition that the property will be returned or otherwise dealt with according to the bailor's instructions once the purpose is accomplished. It is a relationship of trust concerning the custody and care of the property.

Usage and Examples

• General Usage:
  • The valet parking service is a common example of a bailment. (The car owner delivers the car to the attendant for the specific purpose of parking.)
  • Leaving your coat at a coat check creates a bailment. (You entrust your coat to be kept safely and returned later.)
  • The contract clearly defined the terms of the bailment for the stored artwork. (It specified how the art was to be cared for and returned.)

Advanced Usage and Legal Context

• Types of Bailment: The bailee's duty of care often depends on who benefits from the arrangement.
  • For the sole benefit of the bailor: The bailee (e.g., someone storing a friend's item for free) must only avoid gross negligence.
  • For the sole benefit of the bailee: The bailee (e.g., someone borrowing a tool) must exercise a very high degree of care.
  • For mutual benefit: The bailee (e.g., a paid repair shop) must exercise ordinary, reasonable care.
• "Gratuitous bailment": A bailment where no payment is involved, such as lending a book to a neighbor.
• Termination of bailment: The relationship ends when the property is returned to the bailor or is used for its intended purpose.

Variants and Related Words

• Bailor (n): The party who delivers the property into the care of another.
  • The bailor must disclose any known defects in the bailed goods.
• Bailee (n): The party who receives and holds the property.
  • The bailee is responsible for taking reasonable care of the property.
• Bail (v): The act of delivering property in such a manner. (Note: This is a distinct legal verb; it is not the common meaning related to releasing someone from custody.)
  • He agreed to bail the equipment to the contractor for the duration of the project.

Synonyms

• Entrustment: The act of conferring trust upon someone with something of value.
• Custodianship: The position of being responsible for guarding or maintaining something.
• Deposit: The action of placing something somewhere for safekeeping (often used in specific contexts like banking or warehousing).

Related Legal Terms and Phrases

• Duty of care: The legal obligation of the bailee to avoid acts or omissions that could foreseeably harm the bailed property.
• Negligence: Failure to exercise the proper degree of care, which can make a bailee liable for damage to the property.
• Return of the bailed goods: The primary obligation concluding a bailment, returning the property to the bailor.

Học thuật

Noun

1. the delivery of personal property in trust by the bailor to the bailee