What is the transfer of possession but not the title of personal property by one party to another, under agreement?

The correct choice is bailment, which refers specifically to the arrangement where one party (the bailor) transfers the possession of personal property to another party (the bailee) with the understanding that the property will be returned after a specified period or upon demand. In this arrangement, the title of the property remains with the bailor, and the bailee is responsible for taking care of the property while it is in their possession. This clearly distinguishes bailment from other agreements concerning personal property.

In contrast, leasing typically involves the transfer of possession of property for a specified period, but it often includes a rental payment and can imply different rights and obligations regarding the property. Assignment usually pertains to transferring rights or benefits under a contract or other legal rights, which does not align with the concept of merely possessing personal property without title transfer. A license grants permission to do something with property but does not convey any possessory interest, which further differentiates it from bailment.