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The accounting objectives for liabilities are to recognize the obligation incurred by the business and provide a way of measuring future repayment obligations. Liabilities also indicate how the company manages its assets and equity.

For a strict liability claim to be successful in Florida, the plaintiff must demonstrate three key elements: the product was defective, the defect existed when it left the manufacturer's control, and the defect directly caused the injury.

The legal principles that underpin product liability include negligence, where a manufacturer fails to exercise reasonable care; strict liability, which holds manufacturers accountable for defects regardless of care level; and breach of warranty, which focuses on a product's failure to fulfill its stated promises.

Florida's two-year statute of limitations for product liability claims generally only applies to accidents that cause injuries. If you lost a loved one due to a defective product, you might only have two years to move forward with a claim.

Compensation and Damages in Product Liability Cases The goal of a product liability lawsuit is often to secure fair compensation for the injured party. This can include compensatory damages, which are intended to cover actual losses such as medical expenses, lost wages, and pain and suffering.

The purpose of Product Liability laws is to assist consumers in protecting and defending themselves from products that prove to be dangerous; and at the same time, having the appropriate business or chain of businesses be held accountable for putting into the marketplace products should have known were faulty in the ...

Whether a use was intended for a product depends on whether the use was “reasonably foreseeable” by the seller. In many product liability cases, defendants will assert that the use of the product by the plaintiff was “abnormal” or a “misuse” of the product.

The statute of limitations for product liability in Florida is two years from the date of injury, which is shortened to two years if the claim is for wrongful death. The plaintiff could file for extension via the discovery rule if the injuries were discovered at a later date.

The Strict Liability Put simply, a person can sue a manufacturer even if they have done everything possible to prevent the defect from happening. This is because product manufacturers are always responsible for their products and can be held liable for injuries caused by their products to their users.