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19 Cards in this Set
- Front
- Back
Bailment
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The transfer of possession and control of personal property subject to an agreement to return the property or deliver it to a third party.
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Bailor
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The party who gives up possession of the property.
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Bailee
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The party that accepts the possession.
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Actual bailment
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Where the Bailee’s receive the actual or constructive delivery of the subject matter of the bailment.
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Constructive bailment
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Occurs when a person already has possession of the personal property and the law states he or she must pass it onto another in a third party
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Custody
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care and control over someone else’s property under the owners control.
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Common carrier
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Enterprise that agrees, for a fee, to transport goods that are lawful and fit for shipment for anyone who applies.
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Demurrage
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fee for delay by party shipping goods in loading or by party receiving goods in unloading,
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Carrier’s lien
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carriers right to retain possession of the goods until the charges of transportation have been paid.
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Consignment
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bailment by which the ownership remains with the manufacturer or wholesaler until the goods are sold.
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Extraordinary bailment
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When goods are bailed with common carriers and hotels
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Extraordinary care
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The Bailee will be strictly liable for any damages, loses. Or injury done to the goods
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Gratuitous bailment
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When only one person benefits from the bailment.
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Ordinary care
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The Bailee is only liable if they are negligent.
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Mutual
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benefit bailment-When consideration is received by both bailer and Bailee.
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Involuntary bailment
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When a good is found accidently or without consent of the Bailee. Such as finding a ring on the corner, you are liable to take minimal care of that ring and return it as is.
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Minimal care
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The Bailee is only liable for the harm of the bailed property is he or she ignores, wastes, or destroys it.
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Disclaimer
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a sign, label. Or warning reducing the Bailee’s duty of care.
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Bailee’s liens
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Allows the Bailee to retain possession of the goods until paid. if the payment is delayed they have the right to sell the property and may keep the money gained.
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