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Caib 2 - Chapter 5 Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 - Chapter 5 Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 - Chapter 5 Questions AndAnswers With Verified Solutions Already
Passed!!!
identify three reasons why a bailee may have temporary custody of the personal
property of another - ANSWER✔✔for repair
for safekeeping or storage
for delivery to others
identify three examples of businesses who may be bailees for hire -
ANSWER✔✔small engine repair shops
dry cleaners
tailors
briefly explain the level of 'ordinary care' to be exercised by a bailee -
ANSWER✔✔there is a legal duty on the bailee to take the same care of goods of
others as would be taken by a prudent and diligent owner of such goods
briefly explain how the level of 'ordinary care' may vary by the type of bailee -
ANSWER✔✔may vary with the class of property over which bailment is being
exercised (ex. jewelry vs. wheat)
, identify two ways a bailee may be responsible for the goods of others -
ANSWER✔✔-liable for loss to customers property when the required level OF
ORDINARY CARE HAS BEEN BREACHED because of negligence
-purchase additional liability for customers property under contract (ex. if stolen by
thieves)
identify three ways bailees can insure their legal and contractual responsibility for
damages to customer goods *** (3 ways a bailee can look after a customers
property) - ANSWER✔✔-include the value of customers property in the amount of
stock insurance
-purchase separate policy insuring the legal liability of the bailee for loss
-purchase a specialized bailees customers policy (coverage can be purchased which
totally ignores the issue of the legal liability for the loss)
identify three examples of clients who may need inland transportation insurance -
ANSWER✔✔incoming and outgoing shipments
moving or storage companies
trucking or delivery firms
identify the two parties who may have an insurable interest in property while in the
course of transit - ANSWER✔✔the owner
the carrier (bailee for hire)
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