Given a broad definition of legal liability, what are the three legal categories for describing situations in which one person injures another? Which ones are generally insurable?
What will be an ideal response?
The three categories are: torts (a civil wrong done to another), breach of contract (breaking a legally enforceable contract), and criminal wrongs (crimes against society). Many torts are insurable. Criminal wrongs and breaches of contracts are not.
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________ refers to a sample of respondents who have agreed to provide information at specified intervals over an extended period
A) Experiment B) Survey C) Panel D) None of the above
Which of the following is true of how an implied warranty of merchantability is created?
A) It is made by the buyer or lessee. B) It is implied by law if the seller or lessor is a nonmerchant. C) It is implied by law if the seller or lessor is a merchant. D) It has to be explicitly expressed in a contract.