Bob rents a golf cart at Country Club Golf Course. The brakes are worn, and while Bob is driving the cart, they fail. The cart crashes into a tree, and Bob is injured. Country Club could have discovered, with reasonable diligence, that the brakes were worn. Liability for Bob's injuries most likely rests with
A. Bob and Country Club.
B. Bob only.
C. Country Club only.
D. neither Bob nor Country Club.
Answer: C
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All else being equal, which of the following would cause net operating income to increase?
A) An increase in total variable costs. B) A decrease in total fixed costs. C) A decrease in sales price per unit. D) A decrease in contribution margin.
When writing complex procedures that should be completed in a particular order, which method is BEST?
a. Put the procedures in bullet format. b. Number the steps. c. Prepare a flowchart. d. None of the above.
Fieldstone Company was founded on January 1, Year 1. During Year 1, the company experienced the following events:1. Received cash revenue of $25,5002. Paid cash expenses of $20,0003. Issued common stock for $30,000 cash4. Paid cash dividend of $2,000 to owners.Required: a) Show the effects of the above transactions on the accounting equation. (Start by using appropriate element and account headings). Leave the cell blank if a transaction does not affect a given account. b) Prepare the Year 1 income statement and balance sheet for Fieldstone Company.
What will be an ideal response?
Ryan, a minor, contracted to sell his auto to Ed, a 28-year-old. Ryan later refused to complete the sale. If Ed sues to enforce the contract, Ed will A) win because Ryan was the seller
B) win because minors can only avoid contracts for the sale of land. C) lose, as the contract is void. D) lose, because the contract is voidable by Ryan.