What Is Most Likely to Result If a Bailment Is

question 54

Multiple Choice

What is most likely to result if a bailment is without reward and for the benefit of the person possessing the property?

• A) The bailor's standard of care will be low.
• B) The bailee's standard of care will be low.
• C) The bailor's standard of care will be very high.
• D) The bailee's standard of care will be very high.

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Definitions:

Goodwill

The value attributed to a company's brand name, customer relationships, and other intangible assets that are not separately identifiable.

Liabilities

are present financial obligations arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits.

Tax Rate

The percentage at which an individual or corporation is taxed.

Marketable Securities

These are liquid financial instruments that can be quickly converted into cash at market value, such as stocks, bonds, or Treasury bills.