The Subject of Product Liability (That Is, the Grounds Upon

question 108

Multiple Choice

The subject of product liability (that is, the grounds upon which a manufacturer may be liable to an ultimate consumer) is essentially made up of​

• A)statutory liability, common-law liability, and liability imposed by administrative agencies.
• B)any theory a trial judge happens to like on a given day.
• C)sales law, contract law, and agency law.
• D)tort (negligence)liability, warranty liability, and strict liability.

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Definitions:

High Inflation

A condition in the economy where the prices of goods and services rise rapidly, decreasing the purchasing power of money.

Lowering Dollar Value

The decrease in the purchasing power of the U.S. dollar compared to other currencies, which can affect international trade and domestic inflation.

U.S. Dollar

The official currency of the United States, recognized worldwide as a standard of monetary value.

World Economy

The global network of economic activities and transactions, encompassing all the economies of the world's nations and influencing international trade and finance.