When a person acquires temporary possession of a chattel by arrangement with the owner, it is known as which of the following?
A) Holder in due course
B) Chose in action
C) Consignment
D) Bailment
E) Fixture

Question

Quizplus · Accepted Answer

Bailment refers to a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the bailor) to another (the bailee) who subsequently has possession of the property. It is a temporary arrangement with the express or implied intent that the property will be returned to the bailor or otherwise disposed of according to the bailor's directions.

When a Person Acquires Temporary Possession of a Chattel by Arrangement