A competitor has sued an entity for unauthorized use of its patented technology. The amount that the entity may be required to pay to the competitor if the competitor succeeds in the lawsuit is determinable with reliability, and according to the legal counsel it is less than probable (but more than remote) that an outflow of the resources would be needed to meet the obligation. The entity that was sued should at year end:a.Make no provision or disclosure and wait until the lawsuit is finally decided and then expense the amount paid on settlement, if any.b.Make a disclosure of the possible obligation in footnotes to the financial statements.c.Set aside, as an appropriation, a contingency reserve, an amount based on the best estimate of the possible liability.d.Recognize a provision for this possible obligation

An entity is currently under investigation for providing defective products to their customers. If found guilty, the entity may be required to compensate their customers for approximately $500,000. The court case is still pending and the outcome will not be known until later in the next financial year. For the current financial year, the amount of $500,000 will be:recognised in the balance sheet as a contingent liabilitydisclosed in the notes to the financial statements as a contingent liability.recognised in the balance sheet as an asset.recognised in the balance sheet as a liability.

The defendants can ______ for revocation of the patent in highcourtOptionsSubordinate claimAll of the abovecounter claimMain claim

A person dealing with a company: Select one: a. Will lose their entitlement to rely on the statutory assumptions set out in s 129 of the Corporations Act 2001 (Cth) if they have actual knowledge that contradicts an assumption. b. Has a right to rely on the statutory assumptions in s 129 of the Corporations Act 2001 (Cth) in all situations. c. Will not be able to enforce the transaction where the agent of the company has been fraudulent or dishonest, even if they were unaware the person they were dealing with had been fraudulent or dishonest. d. Must undertake independent inquiries before entering into a transaction with the company.

Describe and analyse, citing the relevant case law, the approach of theEnglish courts to economic loss caused by the provision of defectiveproducts in the tort of negligence.

Under what legal doctrine does a firm bear legal responsibility for injuries caused by something it made or sold, whether or not it was negligent or breached a warranty?Supplier liability.Consumer liability.Strict liability.    Product liability.