Examlex
Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied.
Strict Liability
A legal principle holding an individual or entity responsible for damages or injuries caused by their actions or products, regardless of negligence or intent.
Implied Warranty
An unwritten guarantee that the product or service being sold is fit for its intended purpose.
Express Warranty
A promise or guarantee made by a seller about the quality, function, or performance of a product, explicitly stated in the contract or sales agreement.
Fitness For Purpose
A condition ensuring that a product or service meets the specific criteria or intended use defined by the buyer or contract.
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