Barry and Larry are neighbours who often borrow tools and equipment from each other. On one occasion Barry borrowed Larry's lawnmower and forgot to return it
Two months later, Larry asked Barry to return the lawnmower and Barry told him that he was keeping in as payment for a lawnmower which he had lent Larry the previous year and which Larry's children had destroyed. Which of the following statements best describes the legal position?
A) Barry has committed the tort of negligence.
B) Barry has not committed any torts as he has a legal right to keep the property to make up for his loss.
C) Barry has committed the tort of conversion.
D) Barry has committed the tort of trespass
E) The law will not help Larry to recover the lawnmower as he is responsible for making equivalent payment to Barry for the lawnmower which his children destroyed.
C
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You are auditing a manufacturing company that has a large production facility. Some of the production equipment is held through lease agreements. Which of the following is the account balance assertion you would be most concerned about?
A. Rights and obligations. B. Accuracy. C. Completeness. D. Existence or occurrence.
If Alden raises the price on the handheld mixer by 2 percent and quantity demanded falls by 10 percent, what is the price elasticity of demand?
A) -5 B) -8 C) -12 D) 5 E) 12
Bills of material used for MRP planning in a lean environment are likely to have which of the
following characteristics? A) increased complexity with regard to options B) no need for where-used references C) fewer "phantom" or "blow-through" assemblies D) weekly time buckets E) fewer levels in product structures
Data for January for Bondi Corporation and its two major business segments, North and South, appear below: Sales revenues, North$660,000 Variable expenses, North$383,000 Traceable fixed expenses, North$79,000 Sales revenues, South$510,000 Variable expenses, South$291,000 Traceable fixed expenses, South$66,000 In addition, common fixed expenses totaled $179,000 and were allocated as follows: $93,000 to the North business segment and $86,000 to the South business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the North business segment is:
A. $198,000 B. $383,000 C. $184,000 D. $105,000