Contract of Bailment
/ˈkɒn.trækt əv ˈbeɪlmənt/
Definitions
- (n.) A legally enforceable agreement in which one party delivers goods to another for a specific purpose under the condition that the goods will be returned or otherwise disposed of according to the owner's instructions.
The parties entered into a contract of bailment to ensure the safe storage and return of the artwork.
Forms
- contract of bailment
- contracts of bailment
Related terms
See also
Commentary
A contract of bailment establishes duties regarding possession and care of goods, often differentiated from sale or gift contracts by the absence of transfer of ownership.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.