A Transaction That Lacks a Bargained-For Exchange Lacks an Element

question 48

True/False

A transaction that lacks a bargained-for exchange lacks an element of consideration.

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Definitions:

Liability

A legal obligation or responsibility that may arise from contracts, torts, or statutes requiring one party to compensate another.

Section 402A

A provision found within the Restatement (Second) of Torts that deals with the liability of sellers for harm caused by defective products they have sold.

Defective Condition

A state or scenario where a product fails to meet safety or performance standards, posing risks to users or not functioning as intended.

Product Liability

The legal responsibility of manufacturers and sellers to compensate for harm caused by defective products they market.