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Philip Laws leased an apartment from Candice Sutton. Laws had notified Sutton on more than one occasion that the wooden steps to his apartment were decaying and in need of repair. Laws claimed that he had to leave the outside light on to avoid portions of the steps that no longer would bear his weight when he came in at night. Sutton promised to repair the steps while Laws was away on a business trip. Accordingly, Laws did not leave lights on during his absence. When he returned three nights later, Laws was injured when one of the steps broke under his weight as he was entering his apartment. Laws sued Sutton. Sutton replied that she should not bear liability for Laws' injury because Laws knew of the condition of the steps and had not taken the customary precaution of lighting the area. Based on what you have learned in this chapter, decide the case.
Foreign-Currency Exchange
The process of converting one country's currency into another, a key component in international trade and finance.
Exchange Rate
The value of one currency for the purpose of conversion to another currency.
Net Capital
The difference between a company's total assets and its total liabilities.
Loanable Funds
A term in economics referring to the market where savers supply funds to borrowers, influencing interest rates based on demand and supply.
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