Ontario Solicitor Bar Practice Exam

A corporate seller can exercise an unpaid seller's lien primarily by giving notice to the buyer, specifically when the buyer is in possession of the goods for which payment has not been made. A seller's lien right allows the seller to retain possession of the goods until payment is made, and notifying the buyer solidifies the seller's claim over those goods. This notice serves as a formal communication of the seller's intention to assert their lien, ensuring that the buyer acknowledges the debt and the seller's entitlement to retain the goods.

In the context of the other choices, while obtaining consent from the buyer might facilitate the process, it is not a requirement to exercise a lien. A court order is generally not needed for enforcing a lien, as the lien arises automatically from the seller's possessory rights upon non-payment. Selling the asset would defeat the purpose of the lien itself, as the lien exists to retain control over the goods until payment is received, not to dispose of them. Therefore, issuing notice to the buyer is the most direct and appropriate way for the seller to exercise this right.