BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Movables
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Property
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Immovables
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Money
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Detailed explanation-1: -➢Bailment is only for movable goods and not for immovable goods. ➢ The goods must be delivered to the bailee for some purpose. The purpose could be the safe custody, use of the goods, transportation of the goods, repair of the goods etc.
Detailed explanation-2: -Bailment of goods refers to temporarily transferring the possession, not necessarily the ownership, of property from one entity to another on a temporary basis.
Detailed explanation-3: -Only the goods that are of movable nature can be bailed. However, current money or legal tender cannot be bailed and deposition of money will not be counted as bailment as money is not a good and the same money will not be delivered back to the client.
Detailed explanation-4: -Movable Property: Goods in Bailment involves all types of movable goods except money. Thus, bailment of immovable goods cannot be done.
Detailed explanation-5: -The person delivering the goods is called the “bailor". The person to whom they are delivered is called, the “bailee".