TERM BAILMENT Meaning and
Definition
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Term bailment refers to a legal concept that governs the temporary transfer of possession and control of personal property from one person (the bailor) to another person (the bailee) for a specified period of time, known as a term. This type of bailment agreement may be established through a written contract or an oral agreement between the bailor and the bailee.
During a term bailment, the bailee is entrusted with the duty to care for the property and must exercise reasonable care in its handling and use. The bailee has the authority to possess and use the property within the limits set by the bailor's instructions. The bailor, on the other hand, retains ownership of the property, but transfers temporary possession and control to the bailee.
The term bailment ends either when the specified term has expired or when the bailor reclaims possession of the property before the term's completion. At the end of the term, the bailee is obligated to return the property to the bailor in the same condition as when it was initially transferred, subject to any reasonable wear and tear.
Term bailment often occurs in situations such as renting or leasing personal property, lending objects for a fixed period, or storing belongings in a storage unit for a specific duration. It is vital to establish clear terms and conditions when entering into a term bailment agreement to avoid disputes regarding the duration, rights, and responsibilities of both parties involved.
Common Misspellings for TERM BAILMENT
- rerm bailment
- ferm bailment
- germ bailment
- yerm bailment
- 6erm bailment
- 5erm bailment
- twrm bailment
- tsrm bailment
- tdrm bailment
- trrm bailment
- t4rm bailment
- t3rm bailment
- teem bailment
- tedm bailment
- tefm bailment
- tetm bailment
- te5m bailment
- te4m bailment
- tern bailment
- terk bailment
Etymology of TERM BAILMENT
The word "bailment" originated from the Old French term "bailler", which means "to deliver" or "to give into the custody of another". This term was derived from the Latin word "bajulare", which means "to carry" or "to bear". The concept of bailment, as a legal term, emerged in medieval England, derived from the Norman-French legal system. The term "term" in "term bailment" refers to the duration or period of time that the bailment arrangement applies.
