Glen purchases a used church bus and plans to renovate it and use it as a...
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Glen purchases a used church bus and plans to renovate it and use it as a camper. Glen rips out the seats, installs twin beds, builds a custom booth for eating and builds a countertop with a refrigerator and microwave underneath. Glen's neighbor Bill installs custom counters, so Glen asks Bill to do the finishing work on the booth and countertop. They agree on a price of $35 per hour for labor plus the cost of materials, payable in cash. Glen pays for the materials as soon as they are purchased. When the work is finished, Bill returns the bus to Glen and gives him an invoice for $700. Three days later, Glen refuses to pay the bill because he believes it is too high. Does Bill have an artisan's lien on the bus? Yes, Bill has an artisan's lien because he performed work on the bus for value and in good faith. No, Bill does not have an artisan's lien on the bus because the payment terms do not include financing terms. No, Bill does not have an artisan's lien on the bus because Bill does not have possession of the bus. Yes, Bill has an artisan's lien on the bus because he improved the value of the bus. Paul owns his own home, which is financed with Green Forest Home Loans. Paul has been paying his mortgage for four years but is concerned about his ability to continue making payments as he has recently lost his job. Paul wants to avoid a foreclosure and knows his house has appreciated significantly in value in the past couple years, but ideally would like to keep his home rather than selling it. Paul has no idea when he will get a new job, but is optimistic it would be within the next three months. Although several of the following options may be available to Paul, which one is most ideal? Forbearance.. Short Sale. Workout Agreement. Default. Juan and Sarah both lost their jobs. They struggled for several months trying to keep up with their first and second mortgage payments, but were unable to make the payments. They then received a notice of default from the original mortgage holder, and, later, a notice that the house would be sold at auction. After the auction, Juan and Sarah: will not receive any funds, even if the house sells for more than is owed. will receive the funds from the sale, but the mortgage holders can then sue Juan and Sarah for amounts owed to the mortgage holders. will only receive any funds that are left over after both mortgage holders are paid. will receive only the deficiency. Deborah has decided to sell her home. To improve the value of the home, Deborah contracts with Haywood Siding and Windows to have siding installed on Deborah's home for $21,000. Haywood completes the work and Deborah is pleased with the siding; it has greatly improved the value of her home. Haywood issues an invoice to Deborah for the work, but Deborah refuses to pay. Haywood does not want to sue Deborah because he does not want to be tied up in the courts for a long time; besides, suing customers is just bad for business. How can Haywood ensure that it will eventually be paid for the work? Haywood can file an artisan's lien with the appropriate government agency. Filing suit against Deborah is the only way Haywood can ensure that it will be paid. Haywood can file a mechanic's lien with the appropriate government agency. Haywood can file a writ of attachment with the court. Glen purchases a used church bus and plans to renovate it and use it as a camper. Glen rips out the seats, installs twin beds, builds a custom booth for eating and builds a countertop with a refrigerator and microwave underneath. Glen's neighbor Bill installs custom counters, so Glen asks Bill to do the finishing work on the booth and countertop. They agree on a price of $35 per hour for labor plus the cost of materials, payable in cash. Glen pays for the materials as soon as they are purchased. When the work is finished, Bill returns the bus to Glen and gives him an invoice for $700. Three days later, Glen refuses to pay the bill because he believes it is too high. Does Bill have an artisan's lien on the bus? Yes, Bill has an artisan's lien because he performed work on the bus for value and in good faith. No, Bill does not have an artisan's lien on the bus because the payment terms do not include financing terms. No, Bill does not have an artisan's lien on the bus because Bill does not have possession of the bus. Yes, Bill has an artisan's lien on the bus because he improved the value of the bus. Paul owns his own home, which is financed with Green Forest Home Loans. Paul has been paying his mortgage for four years but is concerned about his ability to continue making payments as he has recently lost his job. Paul wants to avoid a foreclosure and knows his house has appreciated significantly in value in the past couple years, but ideally would like to keep his home rather than selling it. Paul has no idea when he will get a new job, but is optimistic it would be within the next three months. Although several of the following options may be available to Paul, which one is most ideal? Forbearance.. Short Sale. Workout Agreement. Default. Juan and Sarah both lost their jobs. They struggled for several months trying to keep up with their first and second mortgage payments, but were unable to make the payments. They then received a notice of default from the original mortgage holder, and, later, a notice that the house would be sold at auction. After the auction, Juan and Sarah: will not receive any funds, even if the house sells for more than is owed. will receive the funds from the sale, but the mortgage holders can then sue Juan and Sarah for amounts owed to the mortgage holders. will only receive any funds that are left over after both mortgage holders are paid. will receive only the deficiency. Deborah has decided to sell her home. To improve the value of the home, Deborah contracts with Haywood Siding and Windows to have siding installed on Deborah's home for $21,000. Haywood completes the work and Deborah is pleased with the siding; it has greatly improved the value of her home. Haywood issues an invoice to Deborah for the work, but Deborah refuses to pay. Haywood does not want to sue Deborah because he does not want to be tied up in the courts for a long time; besides, suing customers is just bad for business. How can Haywood ensure that it will eventually be paid for the work? Haywood can file an artisan's lien with the appropriate government agency. Filing suit against Deborah is the only way Haywood can ensure that it will be paid. Haywood can file a mechanic's lien with the appropriate government agency. Haywood can file a writ of attachment with the court.
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1 Option C Yes bill has artisians lien on the bus because he performed work on the bus for value and ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
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