GR8 Skates Company Makes and Sells a Pair of Skates

question 23

Multiple Choice

GR8 Skates Company makes and sells a pair of skates to Hugh. GR8 fails to exercise "due care" to make the skates safe, and Hugh is injured as a result. GR8 is most likely liable for

• A) assumption of risk.
• B) knowledgeable use.
• C) negligence.
• D) product misuse.

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Definitions:

Absolute Tax Payments

The total amount of taxes paid by an individual or entity without considering the tax rate or income.

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, with higher earners paying a higher percentage of their income in taxes.

Social Security Tax

Social Security tax is a payroll tax collected to fund the Social Security program, which provides retirement, disability, and survivorship benefits to qualifying individuals.

Federal Personal Income Tax

A tax levied by the U.S. federal government based on an individual's income, including wages, salaries, and investments.