Seventeen-Year-Old Brice Has Just Received His Driver's License

question 92

Multiple Choice

Seventeen-year-old Brice has just received his driver's license. He is driving a little too fast one day and slams into the back of another car, which has just stopped for a stop sign. In most states:

• A) since Brice is engaging in an adult activity, he will be held to the same standard as an adult.
• B) since Brice is a minor, he will have no responsibility for his torts.
• C) Brice's parents are responsible for any torts he commits.
• D) the driver of the other car would bear a portion of the liability.

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Definitions:

Common Shares

Equity securities that represent ownership in a corporation, giving shareholders voting rights and a share in the company's profits through dividends.

Preferred Shares

A class of stock that provides shareholders with a priority claim on assets and earnings before common stockholders, usually including fixed dividend payments.

Stock Split

A corporate action in which a company divides its existing shares into multiple shares to boost the liquidity of the shares.

Par Value

The nominal or face value of a bond or stock as stated by the issuing company, not necessarily reflecting its market value.