Define a bailment and discuss its essential elements.
What will be an ideal response?
A bailment is the delivery of personal property by one person (the bailor) to another person (the bailee), who accepts it and is under an express or implied agreement to return it to the bailor (or someone designated by the bailor). The three essential elements of a bailment are: (a) the bailor must own or have the right to possess the item of property, (b) the bailor must deliver exclusive possession and control of the property, but not title, to the bailee, and (c) the bailee must knowingly accept the property with the understanding that he owes a duty to return the property as directed by the bailor.
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The modular approach is also referred to as the phased approach
Indicate whether the statement is true or false
If appropriate, materials, such as data collection forms or actual computer printouts, should be included in the:
A) printout section of the report B) Table of Computer Printouts C) Appendix D) fore matter section of the report E) none of the above; computer printouts should never be included in the report given to a client
Making global supply chains lean ______.
a. is difficult because it requires coordination to establish the rapid flow of goods and information b. is easy because annual deliveries required for JIT inventory management are easy to achieve c. is inexpensive because there is no need for safety stock d. reduces the need for quality control
The limitation of an air carrier's liability is expressed:
a. relatively to the value of gold. b. in US dollars. c. in the currency of the airline's country of incorporation. d. in Special Drawing Rights (SDR).