Warning
Info
Warning
Info
Simple English definitions for legal terms
lucrative bailment
Read a random definition: class rate
A quick definition of lucrative bailment:
A bailment is when one person gives their personal property to another person for a specific reason, but the ownership of the property doesn't change. It can be a contract between the two people or just happen because it's the right thing to do. If the person who takes care of the property gets paid, it's called a "bailment for hire." If they don't get paid, it's called a "gratuitous bailment." The person who gives the property is called the "bailor" and the person who takes care of it is called the "bailee."
A more thorough explanation:
A lucrative bailment is a type of bailment where the bailee (the person who receives the property) is compensated for holding the property. This can happen when someone leaves their car with a parking attendant and pays a fee for the service. The bailee is responsible for keeping the property safe and returning it to the bailor (the person who owns the property) when the agreed-upon time is up.
Another example of a lucrative bailment is when someone hires a moving company to transport their belongings from one place to another. The moving company is compensated for holding and transporting the property, and they are responsible for keeping it safe during the move.
These examples illustrate the definition of a lucrative bailment because in both cases, the bailee is being paid for their services. They have a legal obligation to keep the property safe and return it to the bailor in the same condition it was received. This type of bailment is different from a gratuitous bailment, where the bailee receives no compensation for holding the property.