Product Liability. Presented by: Patrick Teig & Lynette Marx. What is product liability?. Product liability refers to the “liability of any or all parties along the chain of manufacture of any product for damage caused by that product” (http://www.cornell.edu). Defendants vs. Plaintiffs.
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Patrick Teig &
Hisrich, Peters, Shepherd. Entrepreneurship. 6 ed. New York: McGraw-Hill Irwin, 2005.
****The act does not provide for compensation to the injured party****
Besterfield et al, Total Quality Management (3rd edition), Prentice-Hall: NJ, 2003.
1. different from design specification
2. different from design formula
3. or the manufacturing process differed for that product from others
1. not reasonably safe
2. presented a risk of injury to users
3. a safer product design existed
4. benefits outweigh risks
“ Competition is a byproduct of productive work, not its goal. A creative man is motivated by the desire to achieve, not the desire to beat others.” Ayn Rand
“ This country wasn’t built by men who sought handouts. In it’s brilliant youth this country showed the world what greatness was possible to Man. Then it began apologizing for it’s greatness and began giving away it’s wealth, feeling guilty for having produced more than its neighbors.” Ayn Rand