LEGAL AND REGULATORY ASPECTS OF BANKING (LRAB) 

Unit - 43: Contact of Bailment 

​​Legal & Regulatory Aspects of Banking - 

Unit - 43 : Contract of Bailment 
Contract means an agreement enforceable by law. There must be lawful proposal by one party and the other party must accept the proposal to enter into a contract. 

A Contract of Bailment is a contract to deliver goods by one person to another for some purpose .  

When the purpose is accomplished , the goods are to be returned or otherwise disposed of according to the direction of the person delivering them .

A bailment is not the same as the sale which is an intentional transfer of ownership of personal property in exchange of something of value .

A bailment involves only a transfer of possession of custody and not of ownership.  

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