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Jean is playing a video game on a defective disk that melts in her game player,starting a fire that injures her hands.Jean files a suit against K-Tech,Inc.,the game's manufacturer.K-Tech is held liable under the doctrine of strict liability.A significant appli-cation of this doctrine is in the area of
General Partnership
A business arrangement where two or more individuals agree to share all assets, profits, financial, and legal liabilities of a jointly-owned business.
Legal Entities
Organizations that have legal rights and obligations, including the ability to enter into contracts and own assets.
Separate Accounting Entity
A fundamental accounting principle that treats a company's financial reports as distinct from those of its owners or other businesses.
Audit
A systematic examination of books, accounts, documents, and vouchers of an organization to ascertain how far the financial statements present a true and fair view.
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