What are the elements necessary to create a bailment?
What will be an ideal response?
Three elements are necessary to create a bailment:
1. Bailment of personal property: Only personal property can be bailed. The property can be tangible (e.g., automobiles, jewelry, animals) or intangible (e.g., stocks, bonds, promissory notes).
2. Delivery of possession: Delivery of possession involves two elements:
a. the bailee must have exclusive control over the personal property, and
b. the bailee must knowingly accept the personal property.
Most bailments are created by physical delivery.
3. Bailment agreement: The creation of a bailment does not require any formality. A bailment may be either express or implied. Most express bailments can be either written or oral. Under the Statute of Frauds, however, a bailment agreement must be in writing if it is for more than one year. An example of an implied bailment is the finding and safeguarding of lost property.
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