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What is product liability?
"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."
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.
When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
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
What type of liability is Argos?
Argos, as a retail company, primarily faces operational liabilities related to business operations, including accounts payable, lease obligations for store locations, and employee-related liabilities. Additionally, it may encounter product liability issues concerning the goods it sells. Overall, its liabilities are typical of a retail business, encompassing both short-term and long-term financial obligations.
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.
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.
What is product liability?
"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."
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.
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.
Does the US Consumer Product Safety Commission award damages for strict liability torts when defective products have harmed consumers?
No. Courts award damages for tort claims. The Consumer Product Safety Commission deals with issues impacting large numbers of people, not individual issues.
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'
