An Office Building Is Appraised for $250,000 and Offered for Sale

question 112

Multiple Choice

An office building is appraised for $250,000 and offered for sale at $260,000. The buyer pays $245,000 for the building. The building should be recorded on the books of the buyer at:

• A)$250,000.
• B)$260,000.
• C)$245,000.
• D)some other amount.

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Definitions:

Assumption of the Risk

A defense in tort law that a person knowingly exposed themselves to a dangerous situation and is therefore responsible for their own injuries.

Contributory Negligence

A legal concept where the plaintiff's own negligence played a part in causing their damages, potentially reducing the amount they can recover.

Elements of Causation

Fundamental components required to establish a cause-and-effect relationship in a legal context, typically including direct cause, foreseeability, and harm.

Proximate Cause

The primary cause that in a natural and continuous sequence, unbroken by any efficient intervening cause, produces an event and without which the event would not have occurred.