A transaction in which an owner of a tangible personal property transfers the property to another party while still retaining ownership of such property is known as a:
A) bailment.
B) pledge.
C) hypothecation.
D) lease.

Question

Quizplus · Accepted Answer

A bailment is a legal relationship where one party (the bailor) transfers possession of their personal property to another party (the bailee) while still retaining ownership of that property. The bailee is responsible for the safekeeping of the property and must return it to the bailor upon request or at the end of the agreed-upon term. This type of transaction is commonly used for storage or maintenance purposes. A pledge involves the transfer of property as collateral for a debt, while hypothecation involves the use of property as collateral for a loan. A lease involves transferring possession and use of property, but not ownership.

A Transaction in Which an Owner of a Tangible Personal