A Bailment Was Created Between Owen and Padma

question 53

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

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Definitions:

Confidence Level

The probability or percentage that expresses how certain one can be about a confidence interval containing the true value of the parameter being studied.

Normal Distribution

A symmetric probability distribution centered around the mean, indicating that occurrences close to the mean are more common than those far away from it.

Confidence Interval

A spectrum of values calculated from statistcal samples which is expected to cover the value of a not yet known population trait.

Non-Normal Population

A population that does not follow a normal distribution, characterized by skewness, kurtosis, or other non-normal traits.