Examlex
It is not necessary for a company to use the same depreciation method for financial statements and for determining income taxes.
Average Quality
The median standard of quality among similar products or services, considered acceptable or satisfactory.
Warranty Of Merchantability
The warranty of merchantability is a legal guarantee provided by sellers that goods for sale will meet reasonable quality and usability standards as understood in the marketplace.
Strict Liability
A legal standard that holds a party responsible for their actions or products, regardless of fault or intent.
Implied Warranty
A legal term for the assurance that a product is suitable for its intended purpose even if it's not explicitly stated.
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