Bailment describes a legal relationship in
common law where physical possession of personal
property (
chattels) is transferred from one person (the 'bailor') to another person (the 'bailee') who subsequently holds
possession of the property. However, it is distinguished from a
contract of sale or a
gift of property, as it only involves the transfer of
possession and not its
ownership. In order to create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel.
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