Under Strict Product Liability, the Actions of the Manufacturer or Seller

question 24

Multiple Choice

Under strict product liability, the actions of the manufacturer or seller are not relevant; rather, strict product liability focuses on ________.

• A) The negligence of the parties
• B) How the product was sold
• C) The product itself
• D) Assumption of the risk
• E) How the product was paid for

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Definitions:

Outstanding Balance

This refers to the total amount of money owed on a loan or credit line that has not yet been paid back by the borrower.

Annual Installments

Payments made yearly towards the settlement of a debt or purchase price over a fixed period.

Interest

Interest is the charge for borrowing money or the compensation paid to depositors, calculated as a percentage of the principal amount.

Compounded Monthly

A method of calculating interest in which the accrued interest is added to the principal at the end of each month, leading to interest on interest in subsequent months.