Strict Liability Under Contract Law for Injuries Caused by Defective

question 271

Multiple Choice

Strict liability under contract law for injuries caused by defective products is based on:

• A) the existence of a prospectus
• B) the existence of a warranty
• C) the existence of negligence
• D) the existence of an assault
• E) the existence of an arbitration clause

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Definitions:

Prisoners' Dilemma

A scenario in game theory where two individuals acting in their own self-interest do not achieve the optimal outcome.

Payoffs

The outcomes or rewards received as a result of choosing a particular strategy or course of action.

Dominant Firm Model

A market structure in which one firm has a major share of total sales and sets the price for the whole market, influencing the behavior of smaller competitors.

Fringe Firms

Fringe firms are smaller companies in a market that compete alongside the larger, dominant firms, typically having a minimal market share.