Stan rents a safe-deposit box at Main Street Bank under a contract that gives Stan exclusive knowledge and control over its contents.This is

Question

Quizplus · Accepted Answer

This scenario fits the definition of a bailment, which is a legal relationship where one person (the bailor) gives possession of personal property to another person (the bailee) to hold and use for a specific purpose, but where the property remains the property of the bailor. In this case, Stan (the bailor) has given possession of his property (the contents of the safe-deposit box) to Main Street Bank (the bailee) for safekeeping, but he retains exclusive knowledge and control over the contents, which means that Main Street Bank does not have ownership or use rights over the property.

Stan Rents a Safe-Deposit Box at Main Street Bank Under