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Today's Terms
Torts law
Definition:
A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Warranties
Definition:
Fitness and merchantability The two most important warranties created by U.C.C. Article 2 are the warranty of merchantability (2-314) and the warranty of fitness for a particular purpose (2-315). The warranty of merchantability is a promise that the goods are fit for the ordinary purpose for which goods of that type are used.
Strict Products Liability
Definition:
The legal liability of manufacturers and sellers to compensate buyers, users, and bystanders for damages or injuries suffered because of defects in good purchase or a tort which makes the manufacturer or seller liable if the product has a defective condition that makes it unreasonably dangerous.
More Product Liability Terms >
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