The concept of strict liability, as found in the U.S. legal system, applies
A. strictly to harm caused by the designer/manufacturer, so no penalties outside of damages can be awarded.
B. to harm done by the designer/manufacturer without the need to prove negligence.
C. to children harmed by products in both the U.S. and the EU.
D. to harm done within narrow limits, considering the design of the product.
Answer: B
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Which of the following most accurately describes the position taken by current generally accepted accounting principles?
a. Both pooling of interests and the purchase method are still permitted under certain circumstances. b. The valuation basis to be applied is the acquisition method under which the fair value of consideration transferred includes any contingent consideration, but excludes direct combination costs.. c. The valuation basis to be applied is the cost method under which the valuation basis is the fair value of the assets and liabilities acquired including direct combination costs, but excluding contingent consideration. d. The purchase method requires a business acquisition transaction to be structured to meet twelve very specific criteria required by generally accepted accounting principles.
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An example of the "course of dealing" concept that courts will use in interpreting a contract under the UCC would be:
a. Steven and Michelle have been involved in contracts together for over 5 years. Steven maintains the sign for Michelle's restaurant. Each time Steven sees the sign needs repair, he fixes it without need of express consent from Michelle. Michelle has always paid the bill promptly. b. Temaco, Superior Oil, and AllBig, are the largest national oil companies in the country. In each refinery, orders are placed at the beginning of each quarter for priority delivery to distributors. c. Bob sees an ad in the local paper for heritage flower seeds sold by Mel. He calls Mel and is so excited by his find that he orders a quantity of the seeds to be shipped as soon as possible but does not inquire as to price. Mel sends him the seeds and the invoice. d. None of the above.