Risk Management

Business

Quiz 12 :

The Liability Risk Management

Quiz 12 :

The Liability Risk Management

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If you reasonably expect that the premises have been made safe for you, you are an invitee.
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True False
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True

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An e-commerce liability policy excludes bodily injury and property damage.
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True False
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True

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The advantage of a contingency fee system is that low-income plaintiffs are not barred from litigation because of inability to pay legal fees.
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True False
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True

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Denial of service liability is caused when a third party cannot access a promised Web site.
True False
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All civil wrongs, except breach of contract, are torts.
True False
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Section III of an e-commerce liability policy usually includes the exclusions.
True False
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The invitee is entitled to a higher degree of care than a licensee.
True False
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The statement on a container of first-aid spray, "This product is safe when used as directed…," is an implied warranty.If you do not use a product as directed and suffer injury as a result, breach of warranty has occurred and the manufacturer is held liable for damages.
True False
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A firm may be held liable for damage caused by a product even though neither negligence nor breach of warranty is established.This is called strict liability.
True False
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Assume that, in the automobile example, both motorists experienced damages of $100,000, and that one motorist was 1 percent at fault, the other 99 percent at fault.Under the partial comparative negligence rule, damages are shared by both parties in relation to their levels of responsibility for fault.The motorist who was 1 percent at fault still receives $99,000, but must pay the other motorist $1, resulting in a net compensation of $98,000.
True False
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Liability exposures do not change across societies over time.
True False
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Joint and several liability has the potential to hold a slightly-at-fault party primarily responsible for a given loss.
True False
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Civil law is concerned with acts that are contrary to public policy.
True False
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The privity doctrine prevents including information about a plaintiff's financial status and/or compensation of losses from other sources in the litigation.
True False
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The party being sued in litigation is the plaintiff.
True False
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If you lend your car to a friend, Sid Smith, so he can go buy a case of liquor for a party you are having, he will be your agent during the trip and you may be held responsible if he is involved in an accident.Your liability in this case is strict.
True False
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An invitee is a person who enters premises with permission but not for the benefit of the person in possession, or without a reasonable expectation that the premises have been made safe.
True False
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In common law, the courts are guided by the doctrine of stare decisis.
True False
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The commercial general liability policy covers all of the liabilities that result from loss of electronic information.
True False
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Legal liability is the responsibility to right some wrong done to another person or organization.
True False
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