Bailment for Hire

Bailment for Hire :

Baksheesh Arabic for gift - The term has a number of meanings in¬cluding charitable giving (as to a beggar in the streets), a tip (as to a waiter in a restaurant), a facilitation payment (as to a bureaucrat to process paperwork that would have eventually been processed anyway) and a bribe (as paid to a corrupt official to influence a decision). The term is widely used in the Middle East and Southwest Asia

Bailment - law A delivery of goods or personal property by one person (the bailor) to another (the bailee) on an express or implied contract and for a particular purpose related to the goods while in possession of the bailee, who has a duty to redeliver them to tiie bailor or otherwise dispose of them in accordance with the bailor’s instructions once the purpose has been ac¬complished. A bailment arises, for example, when a seller de¬livers goods to a shipping company with instructions to transport them to a buyer at a certain destination.

Bailment for Hire (a) A bailment for hire is a bailment contract in which the bailor agrees to compensate the bailee. A shipping con¬tract is usually a bailment for hire because the shipper transports the goods for a fee.

Special Bailment (b) A special bailment is one in which the law imposes greater duties and liabilities on the bailee than are ordinarily imposed on other bailees. Common carriers, for example, are special bailees, be¬cause the law imposes extra duties of due care with regard to the property and persons transported than are required of private carriers - carrier

Balance of Payments - economics A statement identifying all the economic and financial transactions between companies, banks, private households and public authorities of one nation with those of other nations of the world over a specific time period. A transaction is defined as the transfer of ownership of something that has an economic value measurable in mon¬etary terms from residents of one country to residents of another.

The transfer may involve: (1) goods which consist of tan¬gible and visible commodities or products (2) services, which consist of intangible economic outputs, which usu¬ally must be produced, transferred, and consumed at the same time and in the same place (3) income on invest¬ments and (4) financial claims on, and liabilities to, the rest of the world, including changes in a country’s reserve assets held by the central monetary authorities. A transac¬tion may also involve a gift, which is the provision by one party of something of economic value to another party without something of economic value being received in return.

International transactions are recorded in the balance of pay¬ments on the basis of the double-entry principle used in busi¬ness accounting, in which each transaction gives rise to two offsetting entries of equal value so that, in principle, the re¬sulting credit and debit entries always balance. Transactions are generally valued at market prices and are, to the extent possible, recorded when a change of ownership occurs.

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