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What does locatio et conductio mean?

Looking for the meaning or definition of the word locatio et conductio? Here's what it means.

Noun
  1. (law, finance) A contract of hire. A bailment: goods delivered or property or land made available to the bailee in exchange for money or reward paid to the bailor. May be one of three main types: locatio rei, 'the hire of a thing'; locatio operarum, 'a worker for a wage'; locatio operis faciendi, a contract for 'services providing a result'
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