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Bailment is the transfer of possession and control of personal property subject to an agreement to return the property or deliver it to a third party
Bailor is the party who gives up possession of the property
Bailee is the party who accepts possession.
Actual bailment bailees receive actual or constructive delivery of the subject matter of the bailment
Constructive bailment occur when a person already in possession of personal property holds it in such a manner that the law imposes upon him or her a bailee's duty to deliver it to another
Custody a person hired to guard the paintings in an art museum has custody of the art but is not a bailee
Common Carrier is an enterprise that agrees, for a fee, to transport goods for anyone who applies, provided the goods are lawful and fit for shipment
Demurrage that is, a fee for use of the transportation vehicle when it is not loaded or unloaded at the agreed time
Carrier's lien that is, retain the goods until charges for transportation and incidental services are paid or, if necessary after and appropriate period of time, sell the goods to recover the charges.
Consignment ownership remains with the manufacturer or wholesaler until the goods are sold.
Created by: Chanse.j_