Discuss the essentials of a contract of bailment and state the rights and duties of a bailee.

A contract of bailment is a legal relationship in which the owner of goods (the bailor) temporarily transfers possession of the goods to another party (the bailee) for a specific purpose, with the understanding that the goods will be returned or dealt with as per the bailor's instructions once the purpose is fulfilled. Unlike in a sale, where ownership of the goods is transferred, in bailment, only possession is transferred, and ownership remains with the bailor. The essentials of a contract of bailment can be broken down as follows:

1. Delivery of goods: The bailor must deliver the goods to the bailee, either physically or constructively, for the purpose of the contract. The delivery can be made to the bailee's possession, and it must be done voluntarily, not under compulsion or fraud. The bailor retains ownership, and the bailee simply holds the goods for the agreed-upon time or purpose.

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