“Transferring possession of goods from the owner to someone else”
In bailment the ownership of the goods is not transferred. A practical example of bailment is that someone who hires a television has possession of it, but the rental company still owns the television.
It is an arrangement in which a person has to look after another person’s goods. The person looking after the goods must return them at the time the parties agreed, or when some task has been completed. For example, when you give your watch to a jeweller for repairs, the jeweller must look after it until you pay for the repairs. You can then get the watch back. Bailment has nothing to do with bail in criminal cases.