A more thorough explanation:

Term: Locatum Definition: Locatum is a historical term that refers to a hiring agreement. It is a type of bailment, which is when one person delivers personal property to another person for a specific purpose under a contract. Unlike a sale or gift, the property's possession changes, but not the title. For example, if you lend your friend your bike, it is a bailment because you still own the bike, but your friend has possession of it for a specific purpose. Examples: - A parking attendant who takes care of your car while you are away is an example of a bailment for hire, which is a type of locatum. The bailee (parking attendant) is compensated for taking care of the bailor's (car owner's) property. - If you borrow a book from the library, it is also a type of bailment. The library owns the book, but you have possession of it for a specific purpose, which is to read it.