Asked by Harry Singh on Jun 20, 2024
Verified
In a bailment situation, the person who receives transfer of possession of property is the ________.
A) Transferor
B) Transferee
C) Novator
D) Bailor
E) Bailee
Transfer Of Possession
The act of moving control or ownership of an asset from one party to another.
Bailee
A Bailee is a person or entity that has temporary possession of someone else's property under a bailment agreement.
Bailor
A bailor is a person or entity that entrusts their property to another (the bailee) under a bailment agreement, where the property is to be returned or otherwise disposed of according to the bailment terms.
- Gain insight into the legal principles underlying bailments, including the duties and rights associated with both bailors and bailees.
Verified Answer
BS
Bhawardeep SinghJun 26, 2024
Final Answer :
E
Explanation :
In a bailment situation, the person who receives transfer of possession of property is known as the bailee.
Learning Objectives
- Gain insight into the legal principles underlying bailments, including the duties and rights associated with both bailors and bailees.