Commercial Utility of Bailment

The researcher has done the research on the Commercial utility of Bailment. Bailment means Transfer of personal property by one party (the bailor) in the possession, but not ownership, of another party (the bailee) for a particular purpose. Such transfer is made under an express or implied contract (called bailment contract or contract of bailment) that the property will be redelivered to the bailor on completion of that purpose, provided the bailee has no lien on the goods (such as for non-payment of its charges). The bailee is under an obligation to take reasonable care of the property placed under its possession. Bailment contracts are a common occurrence in everyday life: giving clothes to a launderer, leaving car with an auto mechanic, handing over cash or other valuable to a bank, etc.The research contains the brief introduction of commercial use of bailment, purpose of bailment, types of bailment, common forms of commercial bailment, elements, rights and responsibilities of bailee and bailor, termination of bailment following up with Real life cases of Responsibility under bailment, various examples and a commercial sector that is Bailment contract of a transaction of Fedex Company. Kartik Mandloi"Commercial Utility of Bailment" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-5 , August 2018, URL: http://www.ijtsrd.com/papers/ijtsrd17038.pdf http://www.ijtsrd.com/management/law-and-management/17038/commercial-utility-of-bailment/kartik-mandloi