What Is an FRU

question 73

Essay

What is an FRU?

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Definitions:

Bailee

A bailee is a person or entity that temporarily holds property under a bailment agreement, in which physical possession but not ownership of personal property is transferred from one party (the bailor) to another (the bailee) for a specified purpose.

Risk of Loss

Refers to the risk that an item may be damaged, destroyed, or lost, and determines which party is responsible for bearing that risk at different points in a transaction.

Negotiable Warehouse Receipt

A document used in the trading of stored goods which proves the holder is entitled to take possession of the goods, and it is transferable by endorsement.

Bailee's Consent

the agreement or permission given by a bailee, a person or entity in temporary possession of another's property, to perform a certain action with or pertaining to that property.