Which term refers to an individual or company that temporarily possesses someone else's property for a specific purpose?

• A. Lessee
• B. Bailee
• C. Trustee
• D. Depositor

Answer: (B)

The term that denotes an individual or company temporarily possessing someone else's property for a specific purpose is "bailee." This arrangement occurs when a property owner, known as the bailor, entrusts their property to another party, the bailee, for a designated purpose, such as storage, repair, or transportation. The bailee has a legal obligation to take reasonable care of the property and must return it to the bailor once the specific purpose has been fulfilled.

In contrast, a lessee refers to a person or entity that leases property from another party, typically related to rental agreements rather than temporary possession for a specific purpose. A trustee is generally involved in managing property or assets on behalf of another party, usually in the context of a trust arrangement rather than a temporary hold. Lastly, a depositor is the person who deposits items, usually in a bank or similar institution, which doesn’t accurately capture the temporary possession aspect in the way that "bailee" does.