Bailment, governed by Sections 148-181, is delivery of goods by one party (bailor) to another (bailee) for a specified purpose, with goods remaining bailor's property. Key elements: (1) Delivery of possession (not ownership); (2) Specific purpose; (3) Goods must be returned or dealt with as bailor directs. Types: Gratuitous bailment (no consideration, like borrowing) and Bailment for reward (consideration involved, like storage). Bailee's duties: (1) Care of goods (standard depends on bailment type); (2) Use goods only for specified purpose; (3) Return goods when bailment ends. Bailee's rights: Claim lien on goods for charges; right of indemnity from bailor for authorized acts. Common bailment situations: Pledging goods as security, hiring goods, leaving goods for repair. Case law: Coggs v. Bernard establishes duty of care varies by bailment type. For accountants, understanding bailment applies to client documents, audit files, and warehouse management. Exam tip: Identify bailment type; apply corresponding duty of care standard; remember bailee has limited rights to goods.