I'm embarrassing my self?
"To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel."
In this case I don't think the teacher could have been said to intend to posses. It was taken out of a drawer and put into a box as were the instructions for the children. There was no attempt to posses.
Bailment would work for confiscation. In terms of confiscation, reasonable care has to be taken, as in this case it could be proved to be by placing it in the box with the others.
Verbal contracts are notoriously difficult to enforce in courts of law, hence the saying not worth the paper that they are written on, this is often because of the implications you discuss. Both parties must be aware of them, one party might say that X was implied, and the other can say that . they weren't aware of it. In this case it would be reasonable to say that it isn't even implied that the school would be resonsible for the loss of this item, even after it was moved for one place to another and in fact as no attempt to possess has been made the schools disclaimer would still be valid.
So lets assess the situation, no verbal contract could have been entered into because it would have to be with the parent, not the child. The contract with the parent would be covered by the disclaimer that the school has about possessions brought in. The contract with the parent is not verbal, but set out in the terms and conditions of the school, which you accept by enrolling you child.
Bailment wouldn't count unless in terms of confiscation, this wasn't a confiscation.
And I'm making a fool of myself?
Yeah, you go to court and try to claim compensation for this case and see who is the fool.
Jumping up and down spouting about the law about such a small beer and common place incident like this? Foolish.