James agreed to sell a widget to Claire for $10 000.She intended to use that item for her personal use.Under the terms of the contract,James agreed to deliver the widget to her on July 1 and Claire promised to pay the full price on the same day.James delivered the widget to Claire,but she did not pay the price as promised.If Claire is insolvent,James is entitled to either exercise a lien over the property or exercise the right of repossession under the Bankruptcy and Insolvency Act.

Question

Quizplus · Accepted Answer

The Bankruptcy and Insolvency Act does not provide a right of repossession for sellers; it deals with the distribution of assets among creditors. James may have a lien under common law or specific statutes, but not under the Bankruptcy and Insolvency Act.

James Agreed to Sell a Widget to Claire for $10