The Fact That a Company Is Responsible for the Harm

question 45

Multiple Choice

The fact that a company is responsible for the harm done to customers by its product even if it can show that it did its best according to the state of the art in the industry at that time is called

• A) strict liability.
• B) absolute liability.
• C) historical liability.
• D) market share liability.

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Definitions:

Probate Process

The legal procedure through which a deceased person's will is validated, and their estate is distributed to heirs and beneficiaries.

Property Transfer

The act of transferring ownership of property from one party to another, including real estate, vehicles, or other assets.

International Accounting Standards Board

An independent, private-sector body that develops and approves International Financial Reporting Standards (IFRS), ensuring transparency, accountability, and efficiency in the global financial markets.

Legal Authority

The formal and legitimate power or right given to an entity or individual to make decisions, enact laws, or enforce rules and regulations.