The document defines bailment under Indian contract law as the delivery of goods by one person to another for a specific purpose, with the obligation to return the goods. It outlines the key elements of bailment including the bailor, bailee, subject matter, characteristics, essentials, types of bailment, rights and duties of bailor and bailee, and termination of bailment. Bailment involves delivery of movable property, is based on an agreement, and requires return of the goods once the purpose is fulfilled.