What Are the Elements Necessary to Create a Bailment

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The Answer is Three elements are necessary to create a bailment:
1. Bailment of personal property: Only personal property can be bailed. The property can be tangible (e.g., automobiles, jewelry, animals) or intangible (e.g., stocks, bonds, promissory notes).
2. Delivery of possession: Delivery of possession involves two elements:
a. the bailee must have exclusive control over the personal property, and
b. the bailee must knowingly accept the personal property.
Most bailments are created by physical delivery.
3. Bailment agreement: The creation of a bailment does not require any formality. A bailment may be either express or implied. Most express bailments can be either written or oral. Under the Statute of Frauds, however, a bailment agreement must be in writing if it is for more than one year. An example of an implied bailment is the finding and safeguarding of lost property.

What Are the Elements Necessary to Create a Bailment

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What Are the Elements Necessary to Create a Bailment

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