​If a Customer Trips and Falls Over a Rip in the Carpet

question 21

Multiple Choice

​If a customer trips and falls over a rip in the carpet in a retail store,who is liable under common law rules?

• A)​The customer is liable because he didn't watch where he was going.
• B)​The landlord alone is liable for not maintaining the property.
• C)​The tenant alone is liable for not informing the landlord of the defective carpet and getting it repaired.
• D)​The landlord and the tenant are probably both liable.

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Definitions:

Contra Account

An account used in the ledger to offset the balance of a related account.

Carrying Amount

The net value of an asset as recorded in the books, which is equal to the asset's original cost minus any accumulated depreciation, amortization, or impairment charges.

Write Off

The reduction of the recognized value of something, often an uncollectable debt or asset.

Accounts Receivable

Amounts due to a company from its customers for goods supplied or services rendered but not yet paid for.