All of the Following Apply to Strict Tort Liability Except

question 44

Multiple Choice

All of the following apply to strict tort liability except:

• A) strict tort liability is independent of the UCC.
• B) strict tort liability has abolished privity of contract.
• C) strict tort liability requires the defect exists at the time of manufacture.
• D) strict tort liability requires assumption of the risk.

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Definitions:

Economic Models

Simplified representations of complex economic processes, designed to help understand how the economy functions and predict future economic behavior.

Resource Allocation

The process of distributing available resources among various competing needs or uses in order to achieve a desired outcome or optimize efficiency.

Comparative Advantage

An economic theory stating that a country should specialise in producing and exporting goods in which it has a lower opportunity cost than other countries.

Opportunity Cost

Opportunity cost refers to the value of the next best alternative foregone as the result of making a decision.