The Term ________ Refers to a Written Document Signed by a Contractor

question 82

Multiple Choice

The term ________ refers to a written document signed by a contractor, subcontractor, laborer, or material person, waiving his or her statutory lien against real property.

• A)garnishment
• B)accommodation
• C)lien release
• D)notice of lien

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Definitions:

Preexisting Duty Rule

A legal principle stating that an agreement to do something that one is already legally obligated to do is not valid consideration for a new contract.

Superlative Work

Work of the highest quality or degree, demonstrating excellence or outstanding performance.

Bargained-For Exchange

A legal principle where both parties to a contract must provide something of value as part of the agreement.

Nominal Consideration

A token amount in a contract to acknowledge the agreement, without intending it to be a true reflection of the value exchanged.