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"Product liability is a specific type of law. What it says is that basically, a product's maker or supplier has to be held accountable for any injuries that the specific product may cause."
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∙ 12y ago
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Is service revenue an asset or liability?
Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
Which contingent liability is normally accrued?
Usually accrued Loss related to: 1) collectibility of receivables 2) obligations related to product warranties and product defects 3) premiums offered to customers
What are examples of liability account?
A liability account is anything the company owes. Accounts Payable, Notes Payable, these are two examples of a liability account. Unearned Revenue is another example of a liability account. Unearned revenue is revenue a company has received but has not yet fulfilled their obligation to the customer. Because the company is now liable for either providing the product (or service) to the customer or refunding the money paid by said customer, it is a liability account until all obligations are fulfilled.
Is Creditors an asset or liability?
Current Liability
What type of attorney typically handle product liability claims?
The type of attorney that handles product liability claims is acatually a product liability attorney!
What type of attorneys handle product liability questions?
Personal injury attorneys specialize in the area of product liability. They are the appropriate type of attorney to contact with any questions related to product liability.
What are the laws in the Philippines about product liability?
The laws in the Philippines about product liability is strict and has liabilities that can be both criminal and civil.
What is the attorneys product liability?
Attorney product liability is any attorney who can help in a case where a consumer has been injured or harmed otherwise by a defective product.
Do inventor and owners of prouct need product liability ins?
It is not mandatory for inventors or owners of a product to carry product liability insurance. Most insurance agencies will say that it is wise for them to obtain product liability insurance in order to protect them from potential risks.
What is consumer liability?
Consumer liability, also known as product liability or strict product liability, is an area of civil law that provides remedies for consumers who are injured by a defective product. Under consumer liability, the company, supplier, and/or vendor of the defective product can be held liable for injuries caused to a consumer because of the defect. Consumer liability primarily deals with warranties, manufacturing and design defects, and issues related to inadequate warnings.
How is consumer safety connected with product liability?
The term product liability basically means that companies who make products available for to the public are responsible if they in any way harm or cause injuries. So, product liability takes into account the consumer safety of it's product.
Do companies have product liability?
Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are responsible for their products. Disclaimers can be added to remove some of the liability.
If you invent something do you need product liability?
If you invent something you do not need product liability. I would, however, suggest you get some, but no you are not required by law to get it. It is up to you.
What has the author Scott Baldwin written?
Scott Baldwin has written: 'Product Liability Case Digest 2004-2005' 'Art of advocacy' -- subject(s): Instructions to juries, Examination of witnesses 'Product liability case digest' 'Supplement to The preparation of a product liability case'
What do attorneys do in a product liability case?
Product liability law is a specialized area of the law that addresses injuries caused by faulty or defective products or services. Manufacturers, designers, suppliers, distributors, wholesalers and retailers may all be held responsible under product liability law.
What is product liability policy cost based on?
Product liability insurance premiums are based on the type of product you sell as well as the size of your business/the number of products you sell. Consider that the higher the risk of the product you sell, the higher the insurance cost. Selling key-chains as an example, would generate a lower product liability rate, than say selling guns.
