What does the term "bailment" refer to?

Bailment refers specifically to a legal relationship in which personal property is transferred from one party (the bailor) to another (the bailee) for a particular purpose, with the understanding that the property will be returned to the bailor or otherwise disposed of per the bailor’s instructions once that purpose has been fulfilled. This concept emphasizes the temporary possession of the property, where the bailee is responsible for the care of the property during the bailment period.

For instance, when you leave your car at a valet service, you are entering into a bailment agreement. You hand over control of your vehicle to the valet (the bailee) for the purpose of them parking it safely. Another key point is that the ownership of the property does not change hands; it's merely the possession that is temporarily given to another party for a distinct purpose.

In contrast, options discussing theft, service agreements, or contracts for the sale of goods do not accurately capture the essence of bailment, which is focused solely on the temporary transfer and care of personal property.