What is the definition of the term 'Bailment'?

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The transfer of possession of an item to someone for a specific purpose under a contractual agreementHanding over goods without any charge involvedProviding goods freely for the benefit of the publicNone of the aboveNot applicable

Explanation

Bailment refers to the delivery of goods or personal property from one party to another under a contract, where the goods are entrusted for a particular purpose and are to be returned or otherwise disposed of according to the agreement. It does not imply free transfer or gifts for public welfare.