In a Bailment for the Sole Benefit of the Bailee

question 7

True/False

In a bailment for the sole benefit of the bailee , the bailee will be liable for even the slightest negligence in caring for the bailed property.

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Definitions:

Securities & Exchange Commission

A U.S. federal agency responsible for enforcing federal securities laws, regulating the securities industry, and overseeing the stock and options exchanges.

Inventories

Items held for sale in the ordinary course of business, or goods to be used in the production of goods to be sold, including raw materials, work-in-progress, and finished goods.

Current Asset

Assets expected to be converted into cash, sold, or consumed either in one year or in the operating cycle of a business, whichever is longer.