A bailment is the act of placing property in the custody and control of another, usually by agreement in which the holder (the bailee) is responsible for the safekeeping and return of the property. Ownership or title to the property remains in the bailor.
Nebraska Bailment Contract Between Employer and Employee Regarding Use of Employer's Equipment in Order to Work at Home
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The most common example is availing locker services from banks, i.e., banks are the bailee, and the person keeping his belongings in such lockers are bailor. They both agreed upon for some consideration, i.e., bailor uses the locker, and in turn, bailee charges the consideration for providing such services.
A requisite to the creation of a bailment is the express or implied acceptance of possession of or control over the property by the bailee. A person cannot unwittingly become a bailee. Because a bailment is a contract, knowledge and acceptance of its terms are essential to its enforcement.
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.
According to section 14, a delivery of goods,with a condition to return,when the purpose is over or otherwise disposed off according to the direction of the person delivering them,by one person to another is called a Bailment.
For a bailment to be valid, the bailee must have actual physical control of the property with the intent to possess it. The bailee is not (in most cases) entitled to the use of the property while it's in his or her possession. A bailor can demand to have the property returned to him or her at any time.
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.
There must be a contract between the bailor and the bailee for such transfer or good and its return. If there is no contract, there cannot be bailment. Moreover, the contract can either be expressed or implied.
There are three types of bailmentsthose that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee. Although the burden depends on the type of bailment, the bailee must always treat the bailor's property with a reasonable amount of care.
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".
A bailment can be express (pursuant to agreement by the bailor and bailee) or implied (simply a result of the parties conduct). Example: To illustrate an express bailment, Alex gives his car to Brandi to sell. Brandi will receive a commission for selling the car. Until the car is sold, the situation is a bailment.