The Subject of Product Liability (That Is, the Grounds Upon

question 108

Multiple Choice

The subject of product liability (that is, the grounds upon which a manufacturer may be liable to an ultimate consumer) is essentially made up of​

• A)statutory liability, common-law liability, and liability imposed by administrative agencies.
• B)any theory a trial judge happens to like on a given day.
• C)sales law, contract law, and agency law.
• D)tort (negligence)liability, warranty liability, and strict liability.

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Definitions:

Domestic Operations

Business activities and transactions that occur within a company's home country.

FIFO

"First In, First Out," an inventory management and valuation method assuming the first items acquired are the first ones sold.

Gross Profit

The difference between sales revenue and the cost of goods sold before accounting for administrative and selling expenses.

Units

A measure of quantity or amount in accounting, production, or inventory management, often used to quantify items, products, or resources.