ACCT350 Study Guide - Midterm Guide: E-Commerce, Meeting Of The Minds, Jury Trial

• School: University of Delaware
• Department: Accounting
• Course: ACCT350
• Professor: Pollack Sheldon

Document Summary

If a product defect causes injury or death to purchasers, lessees, users, or bystanders, the injured party or heirs of the deceased party may bring legal action to recover damages. Product liability: the liability of manufacturers, sellers, and others for the injuries caused by defective products: include negligence and the modern theory of strict liability. Misrepresentation: a tort in which a seller or lessor fraudulently misrepresents the quality of a product and a buyer is injured (intentional/fraud, when a seller: Dont have to prove the defendant breached a duty of care. Liability without fault: a seller or lessor can be found strictly liable even though he or she has exercised all possible care in the preparation of the sale. Applies to sellers and lessors of products who are engaged in the business of selling and leasing products. All in the chain of distribution are liable. All manufacturers, distributors, wholesalers, retailers and anyone involved are liable under strict liability.