BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Bailment represents a legal relationship wherein the physical possession of a chattel or personal property is transferred from one individual to another individual who will subsequently get the property’s possession but not the entire ownership.

Detailed explanation-2: -A “bailment” is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the “bailor".

Detailed explanation-3: -There are three types of bailments: (1) for the benefit of the bailor and bailee; (2) for the sole benefit of the bailor; and (3) for the sole benefit of the bailee.

Detailed explanation-4: -A gratuitous bailment is a bailment without any consideration where the bailor or bailee is not entitled to any reward. It may be created for the exclusive benefit for either the bailor or bailee.

Detailed explanation-5: -It requires at least two parties, i.e., one should be the bailor, and the other is the bailee. Under this, an agreement or contract is mandatory which might be written or verbal as well; After entering such an agreement, the bailee must have returned the possession to the bailor.