An Account Consists of Two Parts: (1) a Left or Debit

question 20

True/False

An account consists of two parts: (1) a left or debit side and (2) a right or credit side.

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Definitions:

Tort Liability

Tort liability arises from the breach of a duty primarily fixed by law; this responsibility usually relates to harm caused by negligence, intentional acts, or under strict liability principles.

Comparative Negligence

The contemporary replacement for the traditional doctrine of contributory negligence. The basic idea is that damages are apportioned between the parties to a negligence action in proportion to their relative fault. The details vary from state to state.

Plaintiff's Negligence

Situations in a lawsuit where the individual bringing the case (plaintiff) is also found to have been careless or negligent, potentially reducing their compensation.

Plaintiff's Injury

Refers to the physical, emotional, or financial harm suffered by the plaintiff, initiating a legal action to seek compensation or relief.