Oscar Is Speeding and Driving Inattentively When He Runs into Felix

question 20

Multiple Choice

Oscar is speeding and driving inattentively when he runs into Felix, who is driving very cautiously. As a result of the accident, Felix's car needs $2,500 worth of repairs and Felix loses a week's salary because he has to take off from work to recover from injuries sustained during the crash.

• A) Both the repairs and the lost wages are compensatory damages.
• B) The repairs are compensatory damages, and the lost wages are consequential damages.
• C) The repairs are consequential damages, and the lost wages are compensatory damages.
• D) Both the repairs and the lost wages are consequential damages.

Calculate maturity value of notes using different day counts (360-day year and 365-day year).

Determine the number of days for interest computation, incorporating leap years.

Compute and understand the impact of leap years on maturity dates.

Compute discounts on loans and understand the principles of the discount method.

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Definitions:

Attachment

The legal process of seizing a debtor's property or assets to secure or satisfy a judgment.

Enforceable

Refers to a legal agreement or obligation that can be upheld by law.

Third Parties

Individuals or entities not directly involved in a contract or legal agreement, but who may be affected by its outcomes or may hold rights or interests under it.

Perfecting

In the context of security interests, it refers to the legal process of making a security interest enforceable against third parties by taking the necessary statutory steps.