A Bailment Was Created Between Owen and Padma

question 7

Multiple Choice

A bailment was created between Owen and Padma. The bailment involved the storage of a widget for 12 months. The price for storage was $1000 per month. At the end of the year, only $5000 had been paid in total. The widget was worth $10 000. It was sold for that amount under a lien and right of sale. Ignoring the costs associated with the enforcement of the lien and the right of sale, when the sale proceeds are distributed, the bailor will be entitled to receive

• A) $7000.
• B) $12 000.
• C) $10 000.
• D) $1000.
• E) $3000.

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Definitions:

Suppliers

Entities that provide goods or services to other individuals or organizations, playing a critical role in the supply chain.

Felt Deprivation

A consumer’s perceived deficiency in their possessions or experiences, compared to a standard or to peers, which can influence buying behavior.

Needs

Refers to the essential requirements that individuals or organizations strive to fulfill, such as food, shelter, security, or business resources.

Influence Demand

The process of shaping consumer’s desire for a product or service through marketing strategies, economic factors, and social trends.