What type of bailment is entered into when individuals or businesses need to place articles in storage?
The type of bailment entered into when individuals or businesses need to place articles in storage is a bailment for storage.
What is Bailment?
Bailment is a legal relationship in which the owner of property grants possession of the property to someone else, known as the bailee, under certain conditions. This relationship is established when one person temporarily gives possession of personal property to another individual for a specific purpose.
Types of Bailment:
There are several types of bailment that can be entered into depending on the circumstances. One common type is a bailment for storage, where the bailee is entrusted with the safekeeping of the property.
Bailment for Storage
When individuals or businesses need to place articles in storage, they enter into a bailment for storage. This means that the property owner grants possession of the property to the bailee specifically for the purpose of storage. The bailee is responsible for ensuring the safekeeping of the property until it is returned to the owner.
Legal Implications:
In a bailment for storage, the bailee is held to a higher standard of care than in other types of bailments. They must take reasonable steps to protect the property from damage or loss while it is in their possession. If the property is damaged or lost due to the bailee's negligence, they may be held liable for the losses incurred by the owner.
Overall, a bailment for storage is a common arrangement that allows individuals and businesses to safely store their property with the assurance that it will be returned to them in the same condition it was received.