Anyone in Possession of Goods Can Create a Bailment Relationship

question 25

Multiple Choice

Anyone in possession of goods can create a bailment relationship and become a(n) :

• A) bailee.
• B) bailor.
• C) executor.
• D) administrator.

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Definitions:

Liquidity Constraint

A situation where an individual or firm is unable to convert assets into cash quickly without significant losses.

Universal Life

A type of flexible permanent life insurance that offers the low-cost protection of term life insurance as well as a savings element, which is invested to provide a cash value buildup.

Policyholder's Perspective

Insights or considerations from the viewpoint of an individual or entity that owns an insurance policy.

Fiduciary Responsibility

A legal obligation requiring an individual or organization to act in the best interest of another party, typically in financial matters.