# CTE Resource Center - Verso - Business Law Task 1988004031

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Describe characteristics of a bailment and the responsibilities of involved parties.

Definition

Description should include four characteristics:
  • There is reference to personal property.
  • There is a transfer of temporary possession.
  • There is a transfer of temporary control.
  • Both parties intend to return the goods.
The description should also note that the bailor gives up possession of the property, and the bailee accepts possession and control.

Related Standards of Learning

History and Social Science

GOVT.16

The student will apply social science skills to understand that in a democratic republic, thoughtful and effective participation in civic life is characterized by

  1. exercising personal character traits such as trustworthiness, responsibility, and honesty;
  2. obeying the law and paying taxes;
  3. serving as a juror;
  4. participating in the political process and voting in local, state, and national elections;
  5. performing public service;
  6. keeping informed about current issues;
  7. respecting differing opinions and the rights of others;
  8. practicing personal and fiscal responsibility;
  9. demonstrating the knowledge, skills, and attitudes that foster the responsible and respectful use of digital media; and
  10. practicing patriotism.

Other Related Standards

FBLA Competitive Events and Activities Areas

Business Law

 

Entrepreneurship

The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

NBEA Achievement Standards for Business Law

Compare a contract of suretyship with a contract of guaranty.

   

Explain how a bailment is created and describe the standard of care different bailees are required to exercise over bailed property.