Answer:
We count on companies to provide us with safe products, and to provide us with full disclosure if they are using potentially harmful chemicals in the production and distribution of their products. Under <u>strict product liability</u>, if in a court of law it is proven that a well-known fast food chain is using a potentially harmful chemical in the preparation of their fries, the company is likely to be required to disclose information on this process to its customers.
Explanation:
Strict product liability is where even if a product was safely designed, was properly manufactured, and contained an appropriate warning, a manufacturer or retailer of a product may be liable for injuries resulting from use of the product simply because the product caused those injuries.
Answer:
The balloon payment for this loan would be $581,213.92. This can be calculated by taking the original loan amount of $1,000,000, multiplied by the interest rate of 9%, then multiplied by the difference in the amortization period (20 years) and the loan term (7 years). This equals $540,000. Finally, add the original loan amount to the interest amount, resulting in $1,540,000. This is the total amount due at the end of the loan term, or the balloon payment.
Explanation:
