Which of the following is characteristic of a bailment?
A) There is a separation of ownership and possession
B) A bailment must be a contract
C) It must last for an indefinite time
D) It must be for the benefit of both parties.

Question

Quizplus · Accepted Answer

A bailment involves the separation of ownership and possession, meaning that the person who possesses the property (the bailee) does not own it, but rather holds it for the benefit of the owner (the bailor). A bailment can be created by agreement, but it does not have to be a formal contract. The length of the bailment can vary and may be for a specific or indefinite period of time. The bailment may or may not benefit both parties.

Which of the Following Is Characteristic of a Bailment