Named after Francis Baily - British astronomer (1774-1844).
Baily is the remnant of a lunar crater on the boundary. The crater interior has been flooded by lava in the past, and only the northern half of the crater rim remains intact. There is an outward bulge in the northeastern rim, possibly the remnant of another crater formation that once overlapped Baily. The crater interior is flat and featureless, with no impacts of significance. (wikipedia entry)