1. A transaction (sometimes referred to as a bailment) in which goods are delivered but, instead of being returned, are replaced by other goods of the same kind. • At common law such a transaction is regarded as a sale or exchange, not as a bailment, because the particular goods are not returned. [Cases: Bailment
2. C.J.S. Bailments §§ 5, 14, 16–18.]
2. Roman law. A real contract in which money or fungible goods were delivered from the lender to the borrower, who was strictly liable to return an equivalent amount. • Because the contract was gratuitous, any interest had to be demanded by stipulation. This was one of the real contracts, along with the loan for use (commodatum (kom-[schwa]-day-t[ schwa]m)) and deposit and pledge (pignoratio (pig-n[schwa]-ray-shee-oh)). See MUTUI DATIO.
