Regarding Bailments,which of the Following Is True

question 39

Multiple Choice

Regarding bailments,which of the following is true?

• A)Articles held under bailment form assets available to creditors in bankruptcy.
• B)Bailments are not confined to personal property.
• C)Trusts are bailments because there is a transfer of property.
• D)Chequing accounts at the bank are a form of bailment.
• E)Contents in a safety deposit box are a form of bailment.

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Definitions:

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Partner

An individual who shares ownership of a business or an endeavor with one or more persons, often sharing in profits and responsibilities.

Profitability

The degree to which a business or activity yields financial profit or gain, often measured as a ratio of net income to revenue.

Guarantee

A formal promise or assurance, often provided by a third party, that certain conditions or obligations will be met.