Which of the Following Is a Recognized Classification of Torts

question 32

Multiple Choice

Which of the following is a recognized classification of torts?

• A) misdemeanor
• B) felony
• C) strict liability
• D) contributory liability

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Definitions:

Damaged Goods

Items that are physically harmed and are reduced in value, typically making them unsellable at full price.

Consigned Goods

Items given to a third party to sell, but ownership remains with the sender until sold.

Periodic Inventory System

A method of inventory valuation where inventory and cost of goods sold are determined at the end of an accounting period.

FIFO Method

"First In, First Out," an inventory valuation method where goods purchased or manufactured first are sold or used first, affecting the cost of goods sold and ending inventory valuation.