Business Law Chapter 17

Front 1

Bailment

Back 1

the transfer of possession and control of personal property subject to an agreement to return the property or deliver it to a third party

Front 2

Bailor

Back 2

the party who gives up possession of the property

Front 3

Bailee

Back 3

the party who accepts possession

Front 4

Actual Bailments

Back 4

bailees receive actual or constructive delivery of the subject matter of the bailment

Front 5

Constructive Bailments

Back 5

occur when a person already in possession of personal property holds it in such a manner that the law imposes upon him or her a bailee's duty to deliver it to another.

Front 6

Custody

Back 6

when a person has temporary control of another's personal property, but do not have a bailment

Front 7

Common Carrier

Back 7

an enterprise that agrees, for a fee, to transport goods for anyone who applies, provided the goods are lawful and fit for shipment

Front 8

Demurrage

Back 8

a fee for use of the transportation vehicle when it is mot loaded or unloaded at the agreed time

Front 9

Carrier's Lien

Back 9

retain the goods until charges for transportation and incidental services are paid or, if necessary after an appropriate period of time, sell the goods to recover the charges

Front 10

Consignment

Back 10

ownership remains with the manufacturer or wholesaler (bailor) until goods are sold

Front 11

Extraordinary Bailment

Back 11

when goods are bailed with common carriers and hotels, this arises

Front 12

Extraordinary Care

Back 12

generally means the bailee will be strictly liable for any damage, loss, or injury to the goods

Front 13

Gratuitous Bailment

Back 13

when only one of the parties benefits from the bailment

Front 14

Ordinary Care

Back 14

means that bailee will be liable only if negligent in some way

Front 15

Mutual Benefit Bailment

Back 15

consideration is given and received by both bailor and bailee, invokes the duty of ordinary care

Front 16

Involuntary Bailments

Back 16

Minimal care is called for. This typically arises accidentally and without consent of the bailee (ex. finder of a ring)

Front 17

Minimal Care

Back 17

generally means that bailee will only be liable for harm to bailed property if he or she ignores, wastes, or destroys it.

Front 18

Disclaimer

Back 18

a sign, label, or warning reducing the bailee's duty of care

Front 19

Bailee's Liens

Back 19

allow the bailee to retain possession of the goods until paid