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Greensboro Coliseum Case

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I have read your case, and I am deeply sorry for what happened to your property at the Greensboro Coliseum parking lot. Since you paid the Greensboro Coliseum for the parking lot fee and they were responsible to watch out your asset while you were away, the bailment agreement was established. Due to that, I have some information relating to the bailment relationship and the rights as well as liabilities for both parties, you and the Greensboro Coliseum, in this relationship. According to Investopedia, bailment is defined as “the contractual transfer of possession of assets or property for a specific objective. In bailment, the deliverer of the asset is the bailor, the receiver is the bailee” (Investopia). In the bailor-bailee relationship, both parties hold some specific rights and liabilities. For bailors, there are some duties and liabilities such as repayment of expenses (a duty to pay for all expenses the bailee spends for the purpose of the bailment), disclosing of defects …show more content…

As I observe, the ticket clearly conveys the message “WARNING: Not responsible for damage to personal property while on Greensboro Coliseum premises" so that we all can understand that the company is not responsible to pay for any damages in the parking lot. In other words, you are at your own risk when you park at the parking lot since they clearly state the message on the ticket. Even though the bailment relationship existed and the company is supposed to cover for your damages according to the duties and liabilities of bailees, there will be no damages payments from the company covering for your loss due to the message which was clearly written on the ticket. They assume you understand the condition in this bailment

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