Describe the Purpose of the Closing Process

question 27

Essay

Describe the purpose of the closing process.

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Definitions:

Strict Liability

A legal doctrine that holds an individual or entity responsible for their actions or products, regardless of fault or intent, particularly in cases of harm or damage.

Manufacturing Defect

A flaw or defect in a product that arises from a mistake in the manufacturing process, rendering it unsafe or unfit for its intended use.

Strict Liability

A legal principle where the defendant is liable for damages caused by their actions, regardless of fault or intent.

Privity Of Contract

The principle that contracts confer rights and impose obligations only on the parties actually agreeing to the terms.