Simple Interest Is Calculated As: Principal × Time

question 141

True/False

Simple interest is calculated as: Principal × Time.

---

Definitions:

Restatement (Third)

A collection of volumes intended to inform the judiciary, lawyers, and others about general principles of common law in various areas.

Section 402A

A section of the Restatement (Second) of Torts relating to the liability of sellers for harm caused by defective products.

Design Defects

Flaws in the intended design of a product that pose a risk to consumers or fail to perform safely as intended, leading to potential legal liability.

Strict Liability

A legal doctrine that holds a party responsible for their actions or products without the plaintiff having to prove negligence or fault.