Which Kind(s)of Liability Can Be Imposed Only If a Party

question 101

Multiple Choice

Which kind(s) of liability can be imposed only if a party has signed an instrument?

• A) warranty liability only
• B) contract liability only
• C) both contract liability and warranty liability
• D) neither contract liability nor warranty liability
• E) excess liability

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Definitions:

Minimum Price

The lowest possible price at which a product or service can be sold, often set by government regulations to protect producers or consumers.

Market Equilibrium

A situation in which the supply of an item is exactly equal to its demand, leading to a stable market price.

Consumer Surplus

The discrepancy between the aggregate amount buyers are willing and capable of paying for a good or service versus what they really pay.

Market Supply

The total amount of a specific good or service available for purchase at any given price, from all producers combined.