QUESTION 7Fuel-Rite Conmpany operates a ficet of fuel trucks. When one of the trucks is positioned to receive a load, it strikes a storage tank owned by Fuel-A.Inc. For the cost of repairing the damage to the tank. Fuel-A is most likely to be awardedO a. punitive damages.Ob. contingency fees.Oc compentatory damngesOd. general damages.QUESTION 8A mannfactarer's duty of care extends to the inspection and testing of products bought to incorporate in the final produet.O TrueO FalseQUESTION 9Reggie sues Kalista arguing that she brenched her duty to him. Kalista did breacl her duty. but she is not linble to Reggie because Reggie casot showthat he suffered any injuryO TrueO False QUESTION 10In her recording "I miss nothing about you," Mary uses the melody of a song written by Joe. Mary did not obtain Joe's permission. This isO a. copyright infringement.b. none of the choices.Oc patent infringement.Od trademark infringement.QUESTION 11To be mccessful in a lawsnit based on negligence, you need to show that the breach of duty was an "intentional" act.O TrueO FalseQUESTION 12When a business restrains another intentionally and without justification, that business may be liable for the tort of false imprisonnient.O TrueO False

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Fuel-Rite Company operates a fleet of fuel trucks. When one of the trucks is positioned to receive a load, it strikes a storage tank owned by Puel-A. Inc. For the cost of repairing the damage to the tank, Fuel-A is most likely to be awarded Oa. punitive damages. Ob.coutingeney fees. Oc compensatory damages Od general damages.

Fuel-Rite Company operates a fleet of fuel trucks. When one of the trucks is positioned to receive a load, it strikes a storage tank owned by Puel-A. Inc. For the cost of repairing the damage to the tank, Fuel-A is most likely to be awarded Oa. punitive damages. Ob.coutingeney fees. Oc compensatory damages Od general damages.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

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