Which of the Following Statements Is True About Bailments

question 17

Multiple Choice

Which of the following statements is true about bailments?

• A)Bailments are always governed by express contracts.
• B)Title is transferred in a bailment, along with possession of an object for a short period of time.
• C)In some cases, a bailment may exist when the recipient does not return the actual goods.
• D)A bailment cannot be established without actual delivery and acceptance of the goods.

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Definitions:

Obligations

The responsibilities or liabilities a company has, typically financial in nature, that it is required to pay to others.

Liquidity

The ability to change an asset into cash easily without affecting its market price.

Maturing Obligations

Refers to debts or loans that are due for repayment within a specific period.

Measure Of Solvency

A measure of solvency is an assessment of an entity's capability to meet its long-term financial obligations, indicating its financial stability and health.