Which of the Following Is a Distinguishing Characteristic of the Tort

question 53

Multiple Choice

Which of the following is a distinguishing characteristic of the tort of deceit?

• A) It is a strict liability tort.
• B) It is sufficient that the wrongdoer has reckless disregard for the truth.
• C) It is sufficient that the wrongdoer's statement was negligently made.
• D) It is only available in contractual situations.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards that provide a global framework for how public companies prepare and disclose their financial statements.

Net Realizable Value

The estimated selling price in the ordinary course of business minus any costs necessary to make the sale.

LIFO

Last In, First Out, an inventory valuation method where the last items added to inventory are assumed to be the first ones removed, affecting cost of goods sold and inventory value.

Lower-Of-Cost-Or-Market

An accounting principle stating that inventory should be recorded at the lower of its historical cost or its current market price.