Cornelius Recklessly Stored a Large Box of Fireworks on His

question 46

Multiple Choice

Cornelius recklessly stored a large box of fireworks on his residential property.The fireworks ignited when he carelessly threw a cigarette on them.Some of the fireworks shot off his property and struck a neighbouring house, which belonged to Cherilyn.Cherilyn's house was badly damaged by fire.Although she could not recover compensation more than once for the same loss, she would probably be able to successfully sue Cornelius in tort for

• A)Rylands v Fletcher and occupiers' liability and nuisance.
• B)Rylands v Fletcher and occupiers' liability but not nuisance.
• C)Rylands v Fletcher and nuisance but not occupiers' liability.
• D)Rylands v Fletcher but not nuisance or occupiers' liability.
• E)nuisance but not Rylands v Fletcher or occupiers' liability.

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Definitions:

Inventory Valuation

The process of determining the monetary value of a company's inventory, using methods such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost.

Descriptive Statements

Statements that provide detailed explanations or descriptions of scenarios, processes, or items without making analytical judgments.

FIFO Perpetual

An inventory valuation method where the first items purchased (First In) are the first ones to be used or sold (First Out) on a continuous basis.

LIFO Perpetual

A method of inventory valuation which assumes that the last items placed in inventory are the first ones sold, applied continuously throughout the accounting period.