Digg Deep Inc. makes and leases a backhoe to Estes. Due to a defect attributable to Digg Deep's negligence,Estes is injured in an accident in which his neighbor Fortis is also hurt. In a product liability suit based onnegligence, Digg Deep may be liable to a) Estes only. O b) O c) no one. Estes and Fortis. d) Fortis only.

Negligence pertaining to product liability occurs when a business does not adhere to the legal…

Answered: Digg Deep Inc. makes and leases a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Xavier, who is a partner in SYZ Floral Delivery, negligently drove the delivery truck off the road , seriously injuring Peter. Against whom can Peter possibly collect for his injuries? Group of answer choices A. Xavier, since he committed the negligent act. B. SYZ partnership, as a business entity. C. Any partner, from that partner's personal assets. D. All of the above.
Irwin is a resident of Wyoming. He sold real estate located in North Carolina to Bethany, LLC, an Ohio-based company. Bethany failed to make payments on the loan. Which state's laws determine the foreclosure process for the property? (a) Ohio (b) North Carolina (c) Wyoming (d) No state, because the foreclosure process is controlled by federal law.
None
Frank's Mini Mart sold a piece of equipment on an installment agreement, to a competitor on the other side of town. The other owner failed to make the payments and Frank had to repossess the equipment. What is Frank's gain or loss on repossessed personal property with a fair market value of $12,000 on the date of repossession, where the seller's basis in the installment obligation at the time of repossession is $7,500, and the costs of repossession were $500? (a) Loss of $500. (b) Gain of $4,000. (c) Gain of $4,500 (d) Gain of $5,000.
You are responsible for an automobile accident. Use the information below to determine: the total amount your liability insurance will pay for the accident the total amount your collision insurance will pay for the accident the amount of additional damages you are esponsible for as a result of the accident You and the driver of the other car were the only people involved in the accident. There were no injuries from the accident. You have a 50/100/50 liability insurance policy with no deductible You have collision insurance with a deductible of $500 The other car was valued at $25,000 and requires $10,000 in repairs Your car was valued at $20,000 and requires $15,000 in repairs
Rusty Reft, who lives in Territory 5, carries 10/20/5 compulsory liability insurance along with optional collision that has a $300 deductible. Rusty was at fault in an accident that caused $3,400 damage to the other auto and $1,100 damage to his own. Also, the courts awarded $14,800 and $7,200, respectively, to the two passengers in the other car for personal injuries. a. How much will the insurance company pay? Amount paid b. What is Rusty's share of the responsibility? Amount paid
Country Burger, Inc. is a franchisor. Joe owns and operates a Country Burger franchise. Country Burger, Inc. exercises a lot of control over the way their franchisees handle food safety, food preparation and food equipment. Jess finds a mouse tail in her burger and sues Country Burger, Inc and Joe a. Both Joe and Country Burger, Inc. will be liable to Jess. b. only Joe will be liable to Jess. c. only the employee who prepared the burger will be liable to Jess. d. Country Burger, Inc will not be liable since this occurred in Joe's restaurant.
Leigh sued an overzealous bill collector and received the following settlement: Damage to her automobile that the collector attempted to repossess $3,300 Physical damage to her arm caused by the collector $15,000 Loss of income while her arm was healing $6,000 Punitive damages $80,000 Question Content Area a. Regarding Leigh's settlement, classify the following as either "Included in" or "Excluded from" her gross income. Included in/Excluded fromIncome • Damage to her automobile that the collector attempted to repossess • Physical damage to her arm caused by the collector • Loss of income while her arm was healing • Punitive damages Question Content Area b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 included in Leigh's gross income?
Antoine LaDuke suffered a major loss on his older home due to mud from a flood. Although he had homeowner's insurance, what was the probable reason he was not covered? A) His home was probably too expensive. B) His policy excluded flood-related damages. C) This is a personal liability issue. D) Older homes are excluded from flood-related damages. 29) Insurers in California are required to offer ________ coverage to consumers due to the substantial risk factors in that state.
Jessica sold goods to Stacy for $2,500 and retained a security interest in them. Two months later, Stacy filed a voluntary petition in bankruptcy. At this time, Stacy still owed Jessica $2,000 for the purchase price of the goods, the value of which was $1,500. a. May the trustee invalidate Jessica’s security interest? If so, under what provision? b. If the security interest is invalidated, what is Jessica’s status in the bankruptcy proceeding? c. If the security interest is not invalidated, what is Jessica’s status in the bankruptcy proceeding?
While driving Mohamed's car Sarah accidentally crashed and hit a house, the loss costs a total of 2,033. If in this case Mohamed's insurance policy acted as the primary with a limit of 743, while Sarah's policy acts as the excess and has a limit of 3,663. In this case how much will Sarah's insurance policy pay?
Gabrielle files a suit against Hard n Fast Adhesives, Inc. Hard n Fast responds that even if Gabrielles statement of the facts is true, according to the law Hard n Fast is not liable. This is Group of answer choicesa. a counterclaim.c. a motion for summary judgment.b. a motion for judgment on the pleadings.d. a motion to dismiss.

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