Bailment is the delivery of goods by one person to another. It is done for a specific purpose. The person to whom goods are given is called the bailee and the person who gives the goods is called bailor.
Bailment is defined in Indian Contract Act Section 148. Bailment can have so many classification and types. But for easy understanding we can divide it into five. They are as follows:
1. Gratuitous Bailment
In this case the bailor gives goods to the bailee without any reward.
2. Non-gratuitous Bailment.
In this case the bailor delivers the goods to bailee for consideration. 
3. Bailment for exclusive benefit of bailor.
In this type of bailment, the bailor gives goods to bailee for his own cause and good. It is for the exclusive benefit of the bailor.
4. Bailment for the exclusive benefit of the bailee.
In this case the bailee takes possession of the goods for his own cause and good. The bailor gets nothing. But the bailee is rewarded by the possession of the goods. For example, a student takes books from one of his friends for studying. Here the bailee has all the benefits.
5. Bailment for mutual benefit.
In this type, both the bailor and bailee benefits. If a person gives his vehicle for repairing, the garage owner/bailee will be benefited just like the bailor. The bailor will get his vehicle repaired and the bailee will be rewarded.

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