One of the Reasons Mentioned in the Text for the Growth

question 45

Multiple Choice

One of the reasons mentioned in the text for the growth of concern in product liability is that

• A) Canada has become a society, which is more interest group oriented, rather than litigation oriented.
• B) the number of cases of product-associated harm has greatly increased in recent years.
• C) the size of the individual financial awards in product-liability lawsuits has been directly tied to the number of such lawsuits.
• D) many otherwise noteworthy firms are declaring bankruptcy caused by skyrocketing liability insurance costs.

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Definitions:

Agency Relationship

An agency relationship occurs when one party, the agent, is authorized to act on behalf of another party, the principal, in dealings with third parties.

Breaches

Instances of violation or non-compliance with laws, regulations, contracts, or standards.

Agency Agreement

A contract between two parties where one (the agent) agrees to represent or act on behalf of the other (the principal) in business dealings.

Avoid

To keep away from or refrain from engaging in something, often due to potential risks or negative outcomes.