In bailment cases, exculpatory clauses
A. are very rarely used.
B. are somewhat more likely to be enforced than in other types of cases.
C. ordinarily involve an attempt to limit liability for damage to persons rather than property.
D. are not enforced because any harm is to property and not persons.
Answer: B
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At a retail store, the display racks on which clothes are hung, the shelving, and the cash registers are all examples of ________
A) accessory equipment B) shopping products C) capital equipment D) component parts E) MRO products
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On January 1, Year 1, Stratton Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $14,238 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, Year 1 is:
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