When it comes to legal terminology, things can get a little confusing. One term that may be unfamiliar to many is “bailment agreement.” So what exactly is a bailment agreement, and does it need to be express?
First, let`s define what a bailment agreement is. Essentially, it`s an agreement between two parties where one party (the bailee) agrees to take possession of another party`s (the bailor`s) property. The bailee is responsible for the safekeeping and return of the property.
Now, to the question at hand: Does a bailment agreement need to be express? The short answer is yes, it does.
An express agreement is one that is explicitly stated, either verbally or in writing. In the case of a bailment agreement, it means that the parties involved must have clearly stated their intention to enter into such an agreement. This could be through the use of a written contract or a verbal agreement that both parties agree to.
So why is an express agreement necessary in a bailment situation? There are a few reasons. Firstly, it ensures that both parties are aware of their responsibilities and obligations. Without an express agreement, there may be confusion about who is responsible for the property and what exactly their duties are.
Secondly, an express agreement provides legal protection for both the bailee and bailor. If there is a dispute or something goes wrong with the property, having an express agreement in place can help to clarify the situation and determine who is at fault.
In addition, some types of bailment agreements may even require that they be in writing. For example, in some states, agreements involving high-value property, such as artwork or jewelry, must be in writing in order to be enforceable.
In summary, a bailment agreement must be express. Without a clear agreement in place, there may be confusion and potential legal issues down the line. So if you`re entering into a bailment situation, be sure to clearly state your intentions and responsibilities in writing or verbally.