7 Types of Bailment

The main types of bailment are given below:

  1. Gratuitous Bailment

Where the bailee does not charge nay thing for the bailment it is called gratuitous bailment.

  1. Bailment for Reward

When the bailor charges any thing for his services it is called bailment for rewards.

  1. Bailment for Use

When the bailor delivers an article to the bailee for use by the later in any  general or specific way, this is called a bailment for use.

X delivers his watch to Y for the latter to use it for one month. Here bailment is bailment for used.

  1. Bailment of safe custody

If valueable goods or even coins or notes in box are deposited for protection, it is called bailment for safe custody.

Related Reading:   Why have Office Custom Wall Art Stickers?

X gives his watch to Y for the latter to keep it in safe custody for two months.

  1. Bailment for Mutual Benefit

When the bailor delivers his articles to another for repair or gives his goods to carrier for carriage, it is known as bailment for mutual benefit.

  1. Bailment for Pledge

It is a contract whereby an article is deposited with a lender as security for the payment of a loan or performance of a promise.

  1. Bailment for Finding of lost Goods

If a person already in possession of the lost goods of another, he thereby becomes the bailee and the owner becomes the bailor.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.