BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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bailor must be in possession of goods.
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bailee must intend to possess goods.
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bailee must return the goods
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ownership of the goods changes hands
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Detailed explanation-1: -The loan of a book from a library is a bailment for the sole benefit of the bailee. Elements: Three elements are generally necessary for the existence of a bailment: delivery, acceptance, and consideration. Actual possession of or control over property must be delivered to a bailee in order to create a bailment.
Detailed explanation-2: -There are three types of bailments-those that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee.
Detailed explanation-3: -As per section 149, the delivery to be made to the bailee may be made by doing anything which has the effect of putting the goods in the possession of the intended bailee or of any person authorized to hold them on his behalf.