What is the term for delivering property in trust to another for a limited time and specific purpose?

The correct term for delivering property in trust to another for a limited time and specific purpose is bailment. Bailment occurs when one party (the bailor) temporarily relinquishes possession of personal property to another party (the bailee) with the expectation that the property will be returned after a designated period or after fulfilling a specific purpose. This arrangement clearly distinguishes between ownership and possession, as the bailor retains ownership of the property while the bailee has the responsibility for its safekeeping during the bailment period.

In contrast, a contract broadly refers to an agreement between parties that creates mutual obligations enforceable by law, but it does not specifically pertain to the temporary transfer of property. Trusteeship typically involves managing property or assets for the benefit of a third party, which is not quite the same as a bailment. Ownership refers to the legal right to possess and control property, which is not applicable in the scenario described since ownership remains with the bailor during the bailment period.