Whenever one person turns over property to another with the understanding that certain work is to be performed on the property,a ___________ for work and services is created.
A) hypothecation
B) pledge
C) bailment
D) mortgage

Question

Quizplus · Accepted Answer

A bailment is created when one person turns over property to another with the understanding that certain work is to be performed on the property. In a bailment, the property owner retains ownership of the property but the bailee has temporary possession and control over it for the purpose of performing the agreed-upon work or service. A hypothecation involves using property as collateral for a loan, a pledge involves using property as security for a debt, and a mortgage is a type of loan used to purchase real estate.

Whenever One Person Turns Over Property to Another with the Understanding