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LWC
Chapter 21
Term | Definition |
---|---|
product liability | refers to goods that have caused an injury. |
warranty | an assurance provided in a sales contract |
express warranty | is one that the seller creates with his words or actions |
disclaimer | is a statement that a particular warranty does not apply. |
privity | When two parties contract |
economic loss doctrine | prohibits a corporation from suing in negligence when its loss is purely commercial. |
statute of repose | places an absolute limit on when a lawsuit may be filed, regardless of when the defect is discovered |