Bailment involves a legal relationship where one party transfers property possession to another, but retains ownership.
There are three types of bailment:
Benefiting the bailor
Benefiting the bailee
Benefiting both parties
Termination of Bailment
Bailment can end due to:
Fulfillment of purpose
Damage to the property
Termination by the bailor or bailee
In bailment, the bailor allows the bailee to handle and use an item for a reason. After fulfilling the reason, the bailee returns the item. The bailor might pay the bailee if agreed upon beforehand.