These are meant to take the responsibility off the bailee’s shoulders and indemnify the company in case something happens to the property while it is under their care. Too bad it doesn’t usually mean much. Bailment law is different from contract law. In most cases, bailment law prohibits ...
What Does Free On Board Mean? Free on board (FOB) is a term used in shipping to define the party responsible for the goods during transit. “Free on board destination” means the seller is responsible for the goods while they are being shipped, up until they reach the destination. On th...
without transfer of title, by one person (Bailor) to another (Bailee), usually under an agreement for a particular purpose. The property must be returned by the Bailee to the Bailor, or a third party as directed by the Bailor, in the same or better condition. A bailment is f...