In Geczi V

question 133

Multiple Choice

In Geczi v. Lifetime Fitness, where Geczi suffered an injury when a treadmill at Lifetime malfunctioned but a jury held Lifetime not to be negligent, the appeals court held that Lifetime was not liable because Geczi.

• A) implicitly assumed the risk of treadmill use
• B) definitely assumed the risk of treadmill use by ignoring warnings of possible dangers
• C) assumed the risk by her "wanton and careless" behavior
• D) refused to assume the risk, which thereby voided her membership in Lifetime
• E) none of the other choices are correct

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Definitions:

Income Statement

A financial report summarizing the revenues, costs, and expenses incurred during a specified period, typically a fiscal quarter or year, showing the company's net earnings or losses.

Revised Model Business Corporation Act

An updated set of model laws designed to assist states in drafting legislation for the formation, operation, and regulation of corporations.

Solvency

The ability of a company to meet its long-term financial obligations and continue its operations indefinitely.

Fair Value

The price at which an asset or liability could be exchanged between willing parties in an arm's length transaction.