Under the Doctrine of Strict Liability, Liability Is Imposed Only

question 56

True/False

Under the doctrine of strict liability, liability is imposed only if a person fails to use reasonable care.​

---

Definitions:

Depletion

An accounting method used to allocate the cost of extracting natural resources over the period of their extraction.

Depreciation

A method of allocating the cost of a tangible asset over its useful life.

Total Depreciation Expense

The cumulative amount of an asset's cost that has been allocated as expense due to wear and tear over its useful life.

Land Improvements

Enhancements to a plot of land such as landscaping, parking lots, and underground utilities that increase the property's value.