A Product Refers to

question 192

Multiple Choice

A product refers to

• A)a tangible good received in exchange for a person's time and effort.
• B)intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
• C)a good that has in some way been altered,combined,or improved and sold to organizational buyers.
• D)is a thought that leads to an action such as a concept for a new invention.
• E)a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

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Definitions:

Statute of Repose

A law that sets an absolute deadline for initiating legal action, regardless of when an injury or damage is discovered.

Statute of Limitations

A statute defining the ultimate period post-event for the start of legal actions.

Mootness Doctrine

A legal principle stating that a court will not hear a case if the issue has already been resolved or is no longer relevant.

Product Liability

Pertains to the legal responsibility of manufacturers, wholesalers, or retailers for injuries caused by defects or dangers in products they make available to consumers.