At this point, we turn from a discussion of acquiring ownership to transferring ownership or the right to possession. Bailment, gift, and sale are the three methods of transferring possession and ownership of personal property. This chapter considers bailments. Gifts and sales are introduced in the next two chapters.
A bailment is the transfer and delivery by an owner or prior possessor (the bailor) of possession of personal property to another (the bailee):
(1) whose purpose in holding possession is often for safekeeping, repair, transportation, or for some other purpose more limited than dealing with the object or chattel as would its owner, and
(2) where the return of the object or chattel in the same, or substantially the same, undamaged condition is contemplated.