A bailment in which both the bailee and bailor derive some benefit, and, as a result, each has rights and duties, is known as a mutual-benefit bailment.
A bailment begins when a man acquires property previously owned by another person. Men take over the goods for specific reasons and for specific periods of time. For a contract to be a valid surety, a man must put his property under the control of another person. The goods are then safely returned after the specified period.
The person who surrenders the property is the bailer. The person who keeps the property is the bailee, and the bailee does not acquire the ownership of the property. A bailment is a short-term contract that can be terminated in various ways, including by mutual agreement of the parties, actions of either party, damage caused to property, and operation of law.
The most common type of bailment is a mutual-benefit bailment, where both parties benefit from the agreement. There are five types of mutual-benefit bailment: leasing, labor and services, mortgages, transportation, repository and parking.
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