The SEC Permits Internet Resellers (I

question 83

True/False

The SEC permits Internet resellers (i.e.,those that act as agents or brokers in a transaction)to report revenue on either a "gross" or "net" basis.

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Definitions:

Strict Liability

Liability regardless of fault. In tort law, strict liability may be imposed on a merchant who introduces into commerce a good that is so defective as to be unreasonably dangerous.

Product Liability

The area of law in which manufacturers, distributors, suppliers, and retailers are held responsible for any injuries products cause.

Contributory Negligence

A defense in personal injury lawsuits where the plaintiff's own negligence played a role in causing their injuries, potentially reducing or eliminating their compensation.

Complete Defense

A legal defense that, if proven, absolves the defendant of all liability in a lawsuit.