Bailment

Bailment is a transfer of possession of personal property, in which the transfer, or bailor retains the right to recover possession, when the purpose of the bailement is fulfilled, from the bailee.  Bailments may be fro the benefit of the bailor, for the benefit of the bailee, or for the mutual benefit of both parties.  The right and duties of the bailor and bailee are fixed by law (in the absence of specific contractual arrangement) and depend upon the nature of the bailment.  In any case, the bailee must return the property in accordance with the terms of the agreement between the parties.  Either the bailor or the bailee may bring suit against third persons who negligently or willfully, cause damage to the chattel bailed.