________ Refers to an Alteration or a Modification of a Product

question 20

Short Answer

________ refers to an alteration or a modification of a product by a party in the chain of distribution that absolves all prior sellers from strict liability.

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Definitions:

No-Par Stock

Shares issued without a specified face value, allowing companies flexibility in setting share prices and accounting for equity.

Stated Value

A value assigned to a company's shares that does not have a par value; often used in accounting for preferred stock.

Common Stock Account

An equity account that represents the ownership interest of the shareholders in a company.

Common Stock Dividend Distributable

The amount of dividends declared by a company but not yet paid to common stockholders.