BAILOR Meaning and
Definition
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A bailor is a legal term used to describe an individual or entity that delivers property to another person, known as the bailee, for a specific purpose or period of time. The bailor retains ownership of the property while entrusting its care, possession, or use to the bailee.
The role of the bailor is primarily to transfer temporary possession and control of the property, while still maintaining legal ownership and control of such property. The bailor may enter into a bailment agreement, which outlines the terms and conditions of the transfer. This agreement identifies the responsibilities and obligations of both parties involved.
The bailor is responsible for providing the bailee with a property that is fit for the intended purpose and free from defects. They are also obligated to disclose any known dangers or risks associated with the property. Furthermore, the bailor has the right to expect the property to be returned in the same condition it was received, subject to any reasonable wear and tear.
In some cases, the bailor may also be entitled to receive compensation for allowing the bailee to utilize their property, especially if the bailment arrangement involves a commercial transaction. This compensation, known as a bailment fee, may be agreed upon beforehand or determined by market value.
Overall, a bailor is an individual or entity that temporarily relinquishes possession of their property to another party, with the expectation of having the property returned safely and in the same condition.
Common Misspellings for BAILOR
Etymology of BAILOR
The word "bailor" originates from the Middle English term "baillour", which came from the Old French word "baillier", meaning "to deliver" or "to entrust". This Old French term, in turn, derived from the Latin word "bajulare", which meant "to carry" or "to bear". The term "bailor" has its roots in the legal realm and refers to a person who delivers property or goods to another party for a specific purpose or under a contractual agreement.
Similar spelling words for BAILOR
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