While a Financing Lease Will Likely Provide a Lessor with the Right

question 2

True/False

While a financing lease will likely provide a lessor with the right to purchase the equipment at the end of the lease,a mechanic's lien covering the same equipment would entitle the mechanic to retain possession of the property until payment for the repair is received.Failure to pay for the repair altogether will entitle the mechanic to sell the equipment at fair value,satisfy its outstanding account with the proceeds,and to forward any excess balance of funds remaining to the bailor.

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Definitions:

Right

A claim or entitlement justified by law, custom, or morality.

Duty

What one ought to do, whether by virtue of his or her place or position in society (in Plato or Aristotle, for example) or by virtue of rational moral principles (as in Kant).

Obligation

A duty or commitment that one is bound to by law, promise, moral principles, or social custom.

Social Contract

A theory in political philosophy suggesting that the legitimacy of authority comes from an implicit agreement between the governing and the governed.