Bailment is a contract, where the owner of goods makes delivery of his goods to another for some limited period or purpose. It is change of possession of goods, not transfer of ownership of goods as in sale. If a person gives some property to another upon a contract that it shall be returned to him or otherwise disposed off or sold out according to the order of the person delivering it, the contract is said to be the contract of bailment.
A person who delivers his goods temporarily to another is called the bailor and a person to whom goods are temporarily delivered is called bailee. The transaction between those two parties is known as a contract of bailment.