In Greenman v. Yuba Power Products, where Greenman was injured when a tool his wife bought him malfunctioned, the California high court stated the reason why strict liability should be applied to manufactures of defective products. The reason is:
a. these manufacturers should bear the costs of injuries their products cause b. consumers should bear the costs of injuries to make them more careful
c. consumers should split the costs of injuries with manufacturers; this will best insure the highest amount of care
d. state statutes encouraged the adoption of a strict standard e. none of the other choices
a
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A firm's bank reconciliation statement shows a book balance of $15,820, an NSF check of $400, and a service charge of $20. Its adjusted book balance is
A. $15,440. B. $16,200. C. $15,400. D. $16,240.
Under the UCC, if an offer is received by mail, the acceptance:
A) Can be made by other means, but only if the offer so states. B) Can be made by any reasonable manner or method of communication. C) Must also be made by mail. D) Is effective only once it is received by the offeror. E) Can be canceled by the offeree at any time during the period of a firm offer.
Pierce Company was founded in Year 1 and engaged in the following transactions:1. Issued common stock for cash2. Paid rent in advance for three months at a time3. Purchased supplies on account4. Collected cash from a customer for services to be provided over a period of one year5. Paid a cash dividend to stockholders6. Purchased a two-year fire insurance policy7. Provided services to customers on account8. Collected cash from customers in partial settlement of accounts receivable9. Paid cash for various operating expensesRequired:a) Identify the transactions from the list above that will require adjusting entries at year end.b) Explain why adjusting entries are required before financial statements can be prepared.
What will be an ideal response?
In the absence of express constitutional, statutory, or other provisions, the corporation has no implied powers
Indicate whether the statement is true or false