When a person acquires temporary possession of a chattel by arrangement with the owner,it is known as which of the following?
A)bailment
B)fixture
C)consignment
D)chose in action
E)holder in due course

Question

Quizplus · Accepted Answer

Bailment refers to the temporary transfer of possession of a chattel from the owner (bailor) to another person (bailee) for a specific purpose. It involves a transfer of possession but not ownership, and the bailee has a duty to take reasonable care of the chattel while in their possession. Option B) Fixture refers to an object that was once personal property but has become attached to real property, while option C) Consignment refers to an arrangement where a seller (consignor) delivers goods to a third party (consignee) to sell on their behalf. Options D) Chose in action and E) Holder in due course are unrelated concepts.

When a Person Acquires Temporary Possession of a Chattel by Arrangement