What is a bailment?
A)One party assures another party that goods will meet certain standards.
B)One party delivers goods to a merchant or permits the merchant to retain them.
C)One party conveys goods to another for a specified time,usually in return for a periodic payment.
D)One party is legally holding goods for the benefit of another party.

Question

Quizplus · Accepted Answer

A bailment is a legal relationship in which one party (the bailor) delivers goods to another party (the bailee) for a specific purpose, with the understanding that the goods will be returned or disposed of in a certain way. The bailee is legally responsible for the safekeeping of the goods while they are in their possession, and must return them to the bailor upon request. This type of relationship often arises in situations where someone temporarily lends their property to another party, such as when a person leaves their car with a valet or stores their belongings in a locker.

What Is a Bailment