A Bailment Must Be in Writing to Be Valid

question 24

True/False

A bailment must be in writing to be valid.

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Definitions:

Compounded Annually

Interest on an investment or loan that is calculated once a year, where the interest earned each year is added to the principal, so that the balance doesn't merely grow, it grows at an increasing rate.

Equal Annual

A term often associated with the allocation of costs or payments in equal amounts over a specified number of years.

Lump Sum

A single payment made at a particular time, as opposed to a series of periodic payments.

Lump Sum Payment

A single, one-time payment made for a purchase or to settle a debt, as opposed to installments.