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 bailee will be entitled to receive

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Quizplus · Accepted Answer

The bailee is entitled to receive the full amount of the outstanding storage fees owed, which is $7000. This amount will be deducted from the sale proceeds of $10,000, leaving $3,000 to be given to the bailor.

A Bailment Was Created Between Owen and Padma