Varney operated one of two 5-ton cranes in a factory. Both cranes were to act simultaneously in lifting a 9- ton machine. The other operator was busy elsewhere, so Varney, who was in a hurry, tried to lift the machine with his crane alone. The cable broke after the load was 10 feet above the floor, and a worker who happened to be walking under the crane but who had nothing to do with the operation was injured. Has the worker

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Q: Which of the following statements is incorrect?    a) Studies show that at least three workers are…

A: The answer is explained as follows:

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A: Answer:-  Implied term:- Implied terms are those terms which are implied by law or custom, these…

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A:

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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.