Privity of Contract Between the Plaintiff and the Defendant Is

question 77

True/False

Privity of contract between the plaintiff and the defendant is not required in a strict liability suit.

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Definitions:

Master Account

An overarching account that has the authority and capability to control other accounts within a financial or investment framework.

Lockbox System

A service offered by banks to companies for the receipt of payment from customers, directly into a bank's post office box, to minimize the time it takes to deposit checks and access funds.

Collection Time

The average period it takes for a business to collect payments owed by its customers.

Check Clearing

The process of transferring funds from the bank on which a check is drawn to the bank where it was deposited.