Exam 15: Bailment and Leasing

A work associate leaves his bike each day in your garage while both of you commute to work in your car.(This associate pays $5 per day for riding in your car. )One day the bike is stolen out of your locked garage.Are you responsible for the loss of this bike?

Yale took a $900 three-piece suit into ABC Drycleaning Inc.When he returned to pick it up,he was advised that it had been stolen,along with the clothing of a number of other customers.The dry cleaning building had metal bars covering the windows,and the clothes of Yale and the other customers were in a locked room.The thief had,with a lot of effort,removed the bars to one of the windows and smashed off the lock to the room containing the clothes.Should Yale be able to succeed in an action against ABC Drycleaning? Give reasons for your opinion.

Use the fact situation in Q3 to answer the related question that follows. Using the fact situation above,assume that just after B,the dealer,enters into the lease agreement with A,he assigns the lease to a financing company,which gives notice to A to make all payments to the company until the price has been paid in full,at which time the company will transfer the car to A.In this case,the lease is best described as