A bailment is different from a gift because Group of answer choices a gift requires consideration, but a bailment does not. a gift requires delivery, but a bailment does not. in a bailment, only possession of the property is transferred to the bailee, whereas with a gift, both possession and ownership must pass to the donee. a gift is always a contract, but a bailment is generally not a contract.

Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4