What Feature Distinguishes Bailment from a Contract of Purchase and Sale

question 50

Multiple Choice

What feature distinguishes bailment from a contract of purchase and sale?

• A) Most commercial contracts are bailments,requiring payment for use of property.
• B) Most bailments are gratuitous,requiring no payment for use of property.
• C) A bailor retains ownership upon transfer of possession to the bailee.
• D) A bailment is typically short term,while contracts cover a longer term.

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Definitions:

Shipping Arrangements

Shipping arrangements involve the planning and coordination required to transport goods from one location to another, including selecting carriers, routes, and handling logistics.

Goods Recovery

The process of obtaining possession of goods that have been wrongfully taken or retained, often involving legal procedures.

Insolvent Buyer

A buyer who is unable to pay debts as they come due, or whose liabilities exceed their assets.

Good Faith

A principle that implies honesty, fairness, and integrity in the intentions or beliefs of a party, particularly during negotiations.