What is a possessory lien? Give an example.
What will be an ideal response?
The common law lien and most of the statutory liens are known as possessory liens. They give the lienholder the right to keep possession of the debtor's property until the reasonable charges for the service have been paid. For the lien to come into play, possession of the goods must have been entrusted to the artisan. The two essential elements of the lien are (1) possession by the improver or provider of services and (2) a debt created by the improvement or provision of services concerning the goods.
As an example of a possessory lien, suppose you take a chair to a professional upholsterer to have it repaired. Once the upholsterer makes the repair you requested, she can keep possession of the chair until you pay for the reasonable value of the repair work.
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A. actus reus. B. mens rea. C. indictment. D. voir dire.
A holographic will is an oral will.
Answer the following statement true (T) or false (F)
Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of $38,000. Bill invested $33,000 to acquire an ownership interest of 30%. Which of the following statements is TRUE of this transaction? (Round the final answer to the nearest dollar.)
A) Keith and Jim received a bonus of $1500 each. B) Bill received a bonus of $4900. C) Keith and Jim received a bonus of $2450 each. D) Bill received a bonus of $3000.
Which of the following statements is most likely to be right?
A) The method of preparing the operating activities section of a statement of cash flows which adjusts net income to remove the effects of deferrals and accruals for revenues and expenses is the direct method. B) The method of preparing the operating activities section of a statement of cash flows which reports its cash inflows from operations followed by its cash outflows for operations is the indirect method. C) The FASB prefers the indirect method of preparing the operating activities section of the statement of cash flows. D) Most companies use the indirect method of preparing the operating activities section of the statement of cash flows.