Which of the Following is a Bailment Plus Agreement to Sell MCQ?
In business and law, there are various terms and definitions that professionals need to understand to ensure they operate within the boundaries of the law effectively. One such concept is bailment, which refers to the transfer of possession of personal property from one person (the bailor) to another person (the bailee).
In addition to bailment, another important term that business professionals should be familiar with is the agreement to sell. This is a legal contract where a seller agrees to sell goods to a buyer at a specified price and time.
So, which of the following is a bailment plus agreement to sell MCQ? The answer is C, “A jeweler accepting a customer`s watch for repair and agreeing to sell the watch if the repairs aren`t paid for.”
This scenario constitutes a bailment because the jeweler is taking possession of the customer`s watch to repair it. Meanwhile, the agreement to sell arises if the repairs are not paid for and the jeweler decides to sell the watch to recover the cost of the repairs.
In conclusion, understanding the concept of bailment and agreement to sell is crucial for business professionals. It will help them to ensure they operate within the boundaries of the law and to avoid any legal issues that may arise.