Business Law Chapter 48

Elements of a bailment

1) personal property 2) Delivery of possession (without title) 3) Agreement that the property will be returned to the bailor or otherwise disposed of according to its owner's directions

Fixture

An Item affixed to realty, meaning that it is attached to the real property in a permanent way

Personal Property

Chattell everything else

Confusion

Commingling of goods to such an extent that one person's personal property cannot be distinguished from another's.

Estray Statues

Encourage and facilitate the return of property to its true owner and reward the finder for honesty if the property remains unclaimed.

Bailment for the sole benefit of the bailee

Exercise the duty of upmost care, liable even if slightly negligent

Bailment

Formed by the delivery of personal property without transfer of title by one person to another

Bailment for the sole benefit of the bailor

Gratuitous Bailment meaning that it involves no consideration, only slight duty of care only liable if grossly negligent

Bailee's Lien

If the bailor refuses to pay or cannot pay the charges the bailee is entitled to foreclose on the lien and sell the property to recover the amount owed

Trade Fixture

Is personal property that is installed for a commercial purpose by a tenant

Mutual Benefit Bailments

Ordinary Care care that a reasonably prudent (careful) person would use under the circumstances

Dominion

Ownership rights

Acquiring personal property

Possession, Production, gifts

Abandoned Property

Property that has been discarded by the true owner who has no intention of reclaiming title to it

Mislaid Property

Property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten. A person who finds mislaid property does not obtain title to the goods

Lost Property

Property that is involuntarily left. A finder of lost property can calim title to the property against the wole world except the true owne

Accession

Something added. Someone adds value to an item of personal property by the use of either labor or materials

Constructive Delivery

Symbolic, or constructive delivery the right to take possession

Real Property

The land and everything permanently attached to it, including structures and anything permanently attached to structures

Duties of the Bailee

To take appropriate care of the property To surrender the property to the bailor or dispose of it in accordance with the bailor's instructions at the end of the bailment

GIft

Voluntary transfer of property ownership for which no consideration is given

Warehouse Receipts

document from the warehouse acknowledging the specific property has been left for safekeeping by the depositor (bailor). The person holding this receipt or the person specified in the receipt is entitled to these goods.