If the Bailed Property Has Been Lost or Is Returned

question 42

True/False

If the bailed property has been lost or is returned damaged,a court will presume that the bailee was negligent.

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Definitions:

European Banks

Financial institutions based in Europe which engage in all kinds of banking services including deposits, loans, and investments.

Translation Risk

The gain or loss on the value of assets and liabilities held in another country that results from variation in exchange rates. Generally relatively meaningless as long as the foreign operation is not liquidated or sold. Therefore not generally taxable.

Consolidated Income Statements

A financial statement that aggregates the income statements of a parent company and its subsidiaries to show the total earnings and financial performance of the entire group.

Protectionism Law

Legislation intended to protect domestic industries from foreign competition through tariffs, quotas, or other restrictions.