Which of the following is a case of bailment? A.)The lease of an apartment B.)Property held by a lender as collateral C.)Conditional sale of goods D.)A car is parked by the driver in a self-service parking lot, and the driver locks the car and takes the key

Answer: B

Bailment is a common-law arrangement in which the owner temporarily relinquishes physical possession of personal property (“chattel”) while maintaining ownership. The owner who relinquishes custody of a property is known as the “bailor,” and the person who takes the property is known as the “bailee.” The bailee is the person who holds personal property in trust for the owner for a specific period and a specific purpose, and then returns the property to the owner once the purpose has been fulfilled. Bailment differs from a contract of sale or a gift of property in that it just transfers possession of the property, not ownership.