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LWC

Chapter 21

TermDefinition
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
Created by: jgalindo
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