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Quiz for FIN 3055 - Legal Environment of Business with Smith at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 6
Professor:Smith
Class:FIN 3055 - Legal Environment of Business
Subject:Finance, Insurance, and Business
University:Virginia Polytechnic Institute And State University
Term:Fall 2007
Keywords:
  • Failure to Warn
  • Design Defect
  • Strict Liability
  • Corporation
  • S Corporation
  • S-Corporation
  • Either...or
  • Manufacturer
  • Product Liability
  • Environment
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Sample Document Text

Strict Liability Quiz Ch. ~ 1. If a person or corporation takes all possible precautions to prevent an accident or injury, then it is impossible to convict that person or corporation of a tort (civil wrong). A. True @ False 2. A mill owner constructs a reservoir on his land. Unknown to the mill owner, the water breaks through to the shaft of an abandoned coal mine. The water then breaks through to another shaft and destroys the coal mine ofthe mill owner's neighbor. The mill owner did not know nor had any way of knowing that there was an abandoned coal mine shaft underneath his property. If the coal mine operator takes the mill owner to court, what is the most likely result. A.. The mill owner will be found not guilty based on the doctrine of strict liability because there was no fault in his actions ~ The mill owner will be found guilty based on the doctrine of strict liability because the mill owner created the reservoir and is responsible for any resulting damage C. The mill owner...

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