If a statute is found to be applicable to a fact situation, then the courts will hold that an unexcused violation of that statute which causes an injury to another is:
a. strict liability.
b. res ipsa loquitur.
c. negligence per se.
d. assumption of the risk.
c
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A corporation issued 8% bonds with a par value of $1,080,000, receiving a $36,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation called the bonds at $1,069,200. The gain or loss on this retirement is:
A. $0. B. $10,800 gain. C. $32,400 gain. D. $10,800 loss. E. $32,400 loss.
Which of the following is not true for a regulated electric utility that has construction work in progress?
a. The political climate of the utility commission that will be ruling on the construction work in progress costs is not an issue to be considered. b. Most utility commissions allow no construction work in progress or only a small amount in the rate base. c. In the long run, everybody pays for inefficiency and excess capacity because disallowed costs are a risk that can drive the stock price down and interest rates up for the utility. d. Costs related to construction work in progress that are disallowed are, in effect, charged to the stockholders. e. Future income will not include a return on disallowed costs.
Which of the following is not true regarding reserves that appear in the equity section of the balance sheet of foreign companies?
a. Reserves represent cash set aside to fund capital projects. b. Reserves are different categories found in the equity section of the balance sheet. c. The balances in reserve accounts can affect an entity's legal ability to pay cash dividends. d. An extensive description of each reserve shown on the balance sheet is provided.
If a court finds that the subject matter of a contract is not legal, the court will undo the contract
and place the parties in the status quo. Indicate whether the statement is true or false