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In Its First Year of Operations as a Retailer, Dudley

question 39

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In its first year of operations as a retailer, Dudley Ltd.reported a gross profit of $121,000, total purchases of $150,000, and an ending inventory of $60,000.Therefore, Dudley's sales in its first year must have been

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Definitions:

Proximate Causation

A principle in law that establishes the legal cause of an event based on the foreseeability of the harm and a direct relation to the injury.

Actual Causation

The fact-based determination that a defendant's action was the direct cause of the plaintiff's injury.

But-For Causation

A principle in law that determines causality by asking whether the harm would not have occurred but for the defendant's actions.

Strict Liability

Legal responsibility placed on an individual for the results of his actions irrespective of whether he was culpable or at fault.

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