Define and discuss major types of bailment
Bailment comes into existence when a person delivers goods for another person called a bailor into the possession of another person, the bailee upon a promise of implication or expression that the goods delivered to the bailor or dealt with in a stipulated manner as discussed by the two parties. There are three types of bailment.
Bailment for the sole benefit of the bailor: This exists, when a person called a bailor is in the possession of another person’s property a bailee only for the benefit of his own. The bailee has no benefits or compensation to derive from this property. It is also called a constructive bailment when the loser is the bailor and the bailee is the one to benefit. In this bailment, the bailee needs to exercise a slight care in which he is will be liable only for gross negligence with respect to the property.
Bailment for the sole benefit of the bailee: This occurs, when a bailee holds and is in use of another person’s property, and the latter does not receive any benefit or compensation from the property. It exists when someone property is borrowed. The bailee has to have a great care over the property, but in case of damage due to no fault of the bailee, the owner of the goods will be liable for the damage.
Mutual- benefit bailment: This bailment exists for the mutual benefit of both the bailor and the bailee. The bailee renders some services expecting payment for the service rendered, which can be a fee, or in monetary payment. In this bailment, the standard care is required of the bailee for the property is reasonable and will be liable for negligence.
The duty of a bailor for every bailment is a duty of care to the bailee and to any person a bailor might reasonably be injured by the goods. In a situation where goods supplied are for a value, the bailor has to ensure that the goods are fit for the use or purpose stated.
Different types of possessory and non-possessory ways in which an individual owns property
There are three types of non-possesory right to a property.
Profit a prendre: this is a right to take something off another property. It includes the right to use natural resources, is revocable in the sense of licence, and is terminable at any moment of the agreed period of its use.
Easements: this is a right of way, a right annexed to a property and utility of a different ownership in a certain manner without taking the natural resources or preventing the owner of the property from utilizing it in a certain manner.
There are five types of possessory ownership of property
Trust: this is ownership, which creates a legal interest on the trustee. The trustee has the right to manage, improve, and invest on the trust property for the benefit of the beneficiaries.
Marital ownership: under this is community and common law marital property. Community property is obtained during marriage while a spouse in the case of a divorce stipulated by the court obtains common-law property.
Separate property: this is the property obtain by the spouse before marriage or after a permanent separation to be his or her separate property.
Future interest in real property: this ownership can be either in the form of the following three categories.
Reversion- interest in land owned by the grantor, which becomes possessory in occurrence or nonoccurrence of an event.
Reminder- an interest in the land that is in ownership of third party but upon natural termination, it becomes possessory.
Executory interest- this where an interest in the land, which is owned by a third party, becomes possessory upon the occurrence or nonoccurrence of an event regardless of a natural termination or not.
Present possessory of real property: the ownership of this property can be through free, simple absolutes, defeasible fee, fee tail, life estate, or tenancies.
The major types of insurances and the main clauses or concepts controlling the application of insurance benefit
Health care insurance: under this insurance, medical care expenses are covered whenever the insured person needs medical treatment due to illness or accident. The insurance agent provides these expenses in terms of the hospital bill or other medical expenses.
Life insurance: this is a plan to provide protection to the insured and family through financial coverage in case of any mishaps. For the insurance agent to pay these benefits, the insured has to pay a monthly premium to the insurer for a certain period.
Auto insurance: Under this policy, coverage is provided where damage is caused by accident. The insured is also required to pay a monthly premium to the insurer who in turn provides compensation to the insured in case of a damage caused by an accident. It can be liability compensation, physical, or uninsured coverage.
Home insurance: this provides compensation for any mishaps occurring in the home of the insured. The compensation is provided according to the policy and the premium paid by the homeowner.
Business insurance: this is the compensation provided to the business organizations to protect them from any mishaps occurring in the business. The popular business insurance is the business owner’s policy, which provides coverage for property insurance, liability protection, and business interruption.
Dissability insurance; this is financial coverage provided to the insured in the case of losing the ability to work due to either illness or accident. It can be a short term or long-term disability policy. In the short term, the compensation is only provided with a period of two years, while for the long-term disability, the compensation is for a lifetime.
Alternatives existing to a regular will
When a person dies without leaving behind a will to the division of the property the rule of intestacy applies. The inheritance of property under this law only applies to the married or civil partners and other close relatives to the deceased. The married partners can inherit under this rule if they were legally married at the time of the dead of the partner.
This rule will appoint an administrator for the estate, identify the family to whom the assets belong to with their respective portions and further establish the age at which any minor beneficiary can inherit (Ashcroft, 2007),. The distribution of the estate will largely depend on the permanent residence of the deceased. It will also depend on how the property is owned, location of property and the family relationship with the rest of the relatives.
If one dies without living a trust, the property will not pass as per the provisions of the trust but will pass according to the law of states on intestate succession rule.
In a situation where there is no family member, the estate is vested in the provisional government.
With a holographic will, which is handwritten; it must be signed, written, and dated in the testator’s handwriting. For this will to be valid, at least three witnesses must testify that the handwriting and the signature are entirely for the testator.
A nuncupative will, which is an oral will, has to have at least two witnesses and meet the specific statutory rules for it to be valid. This will is not applicable in the distribution of real property or a revocation of an existing written will.