The Theory of Absolute Liability and the Theory of Negligence

question 24

True/False

The theory of absolute liability and the theory of negligence per se are essentially the same.

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Definitions:

Straight-Line Basis

An accounting method of depreciation where the value of an asset is reduced evenly over its useful life.

Salvage Value

The projection of an asset's resale value after it ceases to be of use.

Gain or Loss

The financial outcome resulting from the sale of assets or securities, determined by the difference between the sale price and the original purchase price.

Intangible Assets

Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.