Business Law 17-1 & 17-2

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 that accepts the possession.

Front 4

Actual bailment

Back 4

Where the Bailee’s receive the actual or constructive delivery of the subject matter of the bailment.

Front 5

Constructive bailment

Back 5

Occurs when a person already has possession of the personal property and the law states he or she must pass it onto another in a third party

Front 6

Custody

Back 6

care and control over someone else’s property under the owners control.

Front 7

Common carrier

Back 7

Enterprise that agrees, for a fee, to transport goods that are lawful and fit for shipment for anyone who applies.

Front 8

Demurrage

Back 8

fee for delay by party shipping goods in loading or by party receiving goods in unloading,

Front 9

Carrier’s lien

Back 9

carriers right to retain possession of the goods until the charges of transportation have been paid.

Front 10

Consignment

Back 10

bailment by which the ownership remains with the manufacturer or wholesaler until the goods are sold.

Front 11

Extraordinary bailment

Back 11

When goods are bailed with common carriers and hotels

Front 12

Extraordinary care

Back 12

The Bailee will be strictly liable for any damages, loses. Or injury done to the goods

Front 13

Gratuitous bailment

Back 13

When only one person benefits from the bailment.

Front 14

Ordinary care

Back 14

The Bailee is only liable if they are negligent.

Front 15

Mutual

Back 15

benefit bailment-When consideration is received by both bailer and Bailee.

Front 16

Involuntary bailment

Back 16

When a good is found accidently or without consent of the Bailee. Such as finding a ring on the corner, you are liable to take minimal care of that ring and return it as is.

Front 17

Minimal care

Back 17

The Bailee is only liable for the harm of the bailed property is 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

Allows the Bailee to retain possession of the goods until paid. if the payment is delayed they have the right to sell the property and may keep the money gained.