State the essential elements of a contract of bailment.

Essential elements of a contract of bailment: Section 148 of the Indian Contract Act,1872 defines the term ‘Bailment’. A ‘bailment’ is the delivery of goods by one person to another for some purpose upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The essential elements of the contract of the bailment are: (i) Delivery of goods —The essence of bailment is delivery of goods by one person to another. (ii) Bailment is a contract —In bailment, the delivery of goods is upon a contract that when the purpose is accomplished, the goods shall be returned to the bailor. (iii) Return of goods in specific —The goods are delivered for some purpose and it is agreed that the specific goods shall be returned. (iv) Ownership of goods —In a bailment, it is only the possession of goods which is transferred, and the bailor continues to be the owner of the goods. (v) Property must be movable —Bailment is only for movable goods and never for immovable goods or money.