Question

A transaction in which an owner of tangible personal property transfers the property to another party while still retaining ownership of such property is known as a?

Answer 1

A transaction in which an owner of tangible personal property transfers the property to another party while still retaining ownership of such property is known as a " Bailment".

What do you mean by Bailment?

The term Bailment is the term under the law which describe the possession of particular of property that is given by seller to buyer without transferring the ownership.

The example of this type of bailment include contracts for the lease of a car, movement of goods and sale of goods on consignment basis.

According to the English Common Law, it would justify that the right of a person to possess a thing without owning the thing. This type of right authorize the specific transactions to be conducted without the generation of any legal ownership.  

At the time when bailor transfer the property to bailee, bailee can used this property of his/her personal use, create a relation between bailor and bailee and for the benefit of bailor only.

This bailment is generally defined as the contract based upon the condition of possession only. In which the property can be disposed off as per the direction of bailor.

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