If You Were in a State That Followed the New

question 4

Multiple Choice

If you were in a state that followed the New York theory of lien claims and an owner had a contract to build a home for $100,000 and had already paid the general contractor $60,000, the owner's responsibility to subcontractors and material suppliers on lien claims would be limited to

• A) $40,000.
• B) $60,000.
• C) $100,000.
• D) none of the above.

---

Definitions:

Economically Equivalent

Economically equivalent means having the same or similar economic effect or value when comparing two or more financial situations or variables.

Economic Value

Refers to the worth of a good or service, as determined by the market or its utility to an individual or business.

Missing Value

An absent data point or piece of information that was not recorded or is unknown in a dataset or equation.

Scheduled Payments

Regular, predetermined payments made over a period of time in relation to debts or loans.