Commercial term denoting agreement that buyer shall accept delivery of goods in the condition in which they are found on inspection prior to purchase, even if they are damaged or defective. Latent defects are generally excepted.
Bailment refers to the delivery of goods by the owner (known as the bailor) to a recipient (known as the bailee) under the agreement that the goods will be returned to the owner or otherwise disposed of according to the owner's directions. This arrangement can be made for various reasons such as lending, hiring, depositing for safekeeping, or pledging as collateral.
A contract in which the obligation of one or more parties, such as an obligation to pay money, deliver goods, or render services, is divided into a series of successive performances.
