Examlex
A large industrial firm allows a discount on any invoice that is paid within 30 days.Of all invoices, 10% receive the discount.In a company audit, 10 invoices are sampled at random.The probability that fewer than 3 of the 10 sampled invoices receive the discount is approximately_______________.
Ordinary Bailment
A legal relationship where physical possession of personal property is transferred from one person to another, but ownership is not.
Bailee
A person or entity to whom goods are entrusted for a specified purpose by the bailor.
Bailed Property
Items temporarily entrusted to another person under a bailment agreement, where the recipient (bailee) is obligated to return them or manage them in a particular way.
Exculpatory Clause
A contract term that releases one party from liability for wrongful acts or negligence.
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