Elucidate the term bailment

Question

Elucidate the term bailment?

Answer 1

Many things can be done with personal property. For instance, goods can be sold, cheques can be negotiated, and contractual rights can be assigned. Goods can also be turned over to someone else temporarily. Bailment occurs when an owner of personal property temporarily gives up possession of property with the expectation of getting it back. Leasing is a form of bailment, where the owner of a chattel permits another person to have temporary possession of it in return for payment of rent.