A bailment is the act of placing property in the custody and control of another, usually by agreement in which the holder (the bailee) is responsible for the safekeeping and return of the property. Ownership or title to the property remains in the bailor.
Michigan Bailment Contract Between Employer and Employee Regarding Use of Employer's Equipment in Order to Work at Home
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Bailment mainly referred to as the Transfer of the Personal property to a person for the complete safekeeping purpose only. Normally, the Contract of bailment is a contractual relationship for a specific period of time. The person receiving property would have the possession as well as control on the property.
A requisite to the creation of a bailment is the express or implied acceptance of possession of or control over the property by the bailee. A person cannot unwittingly become a bailee. Because a bailment is a contract, knowledge and acceptance of its terms are essential to its enforcement.
There must be a contract between the bailor and the bailee for such transfer or good and its return. If there is no contract, there cannot be bailment. Moreover, the contract can either be expressed or implied.
There are three types of bailments: (1) for the benefit of the bailor and bailee; (2) for the sole benefit of the bailor; and (3) for the sole benefit of the bailee. A bailment for the mutual benefit of the parties is created when there is an exchange of performances between the parties.
The law makes it illegal for an employer to make any employment decision because of a person's race, color, religion, sex (including gender identity, sexual orientation, and pregnancy), national origin, age (40 or older), disability or genetic information.
A "bailment" is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the "bailor".
Three elements are generally necessary for the existence of a bailment: delivery, acceptance, and consideration. Actual possession of or control over property must be delivered to a bailee in order to create a bailment.
The most common example is availing locker services from banks, i.e., banks are the bailee, and the person keeping his belongings in such lockers are bailor. They both agreed upon for some consideration, i.e., bailor uses the locker, and in turn, bailee charges the consideration for providing such services.
A bailment involves the contractual transfer of assets or property from a bailor, who temporarily relinquishes possession but not ownership, to a bailee. The bailee must intend to and actually physically possess the bailable chattel or asset.