Which of the Following Is the Consequence of an Unpaid

question 74

Multiple Choice

Which of the following is the consequence of an unpaid subcontractor failing to file his lien on time? The owner had contracted with the general contractor who in turn had contracted with this subcontractor.

• A) He can submit documents giving his reason and he will be allowed to file the lien late.
• B) He will lose all of his remedies.
• C) He will lose his right to place a charge against the owner's property, but he can sue the owner directly for the amount owed him, because his work and materials went into the owner's house.
• D) He would lose his right to place a charge against the owner's property, but he can sue the contractor on the contract.
• E) He loses his right to claim against the building but can sue the owner of the property directly.

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Definitions:

ABC Analysis

An inventory categorization technique that divides items into three categories, A, B, and C, based on their value to the company, to optimize inventory management.

Inventory Levels

The quantity of stock on hand at any given time, which companies manage to meet customer demand without incurring unnecessary costs or losses.

Carrying Cost

The total cost of holding inventory, including warehousing, spoilage, depreciation, and opportunity costs.

Economic Order Quantity

A calculation to determine the most cost-effective quantity of inventory to order, balancing ordering costs with holding costs.