In General, All of the Following Are Requirements for a Bailment

question 11

Multiple Choice

In general, all of the following are requirements for a bailment, EXCEPT that the:

• A) bailor must be in possession of goods.
• B) bailee must intend to possess goods.
• C) bailee must return identical goods.
• D) actual ownership of goods is necessary.

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Definitions:

Absolute Advantage

The ability of an individual, company, or country to produce a good or service more efficiently than competitors using the same amount of resources.

Comparative Advantage

The ability of a country or firm to produce a good or service at a lower opportunity cost than its competitors.

Cooking

The process of preparing food for consumption by applying heat, combining ingredients, or both, following various methods and traditions.

Opportunity Cost

The worth of the best alternative option given up due to a decision made.