liability

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Liability

A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

liability

An obligation to pay an amount in money, goods, or services to another party. The balance sheet lists the liabilities. Also called debt. Compare asset. See also contingent liability, current liability.

Liability.

In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt.

When you figure your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own.

In business, liabilities refer to money a company owes its creditors and any claims against its assets.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example, a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

(1) A debt or obligation. (2) A potential loss,such as a poorly trained,poorly supervised real estate agent who may be a liability.

References in periodicals archive ?
The Bill aims to provide a civil liability for nuclear damage and prompt compensation to the victims of a nuclear incident through a no fault liability to the operator, appointment of Claims Commissioner, establishment of Nuclear Damage Claims Commission and for matters connected therewith or incidental thereto.
The newly issued Federal Law aims to regulate the provisions and determine the scope of the civil liability and compensation for Nuclear Damage that could occur as a result of a nuclear accident.
The Civil Liability Convention places an obligation on tanker owners to maintain insurance or other financial security specifically to cover pollution damage, and to carry on board each tanker a certificate attesting to the fact that such cover is in force.
The Green Paper also "seeks to investigate the possibility of remedying environmental damage not met by the application of civil liability principles such as joint compensation schemes, systems or mechanisms," he added.
Second, these provisions also would expose creditors to substantial additional civil liability risk in litigation by creating a new set of requirements that will be subject to civil liability under the act generally and by increasing these penalties for violations of the new provisions tenfold.
While the Court in Dickerson did not expressly address the issue of civil liability and may at some future time limit [sections] 1983 liability exposure in the Miranda context, the only prudent course for law enforcement officers today is to proceed assuming that this [sections] 1983 cause of action is now viable.
While the magnitude of the criminal cases remains uncertain, City Attorney James Hahn said he was confident the city's civil liability has been identified and won't expand markedly because of the convictions.
A third concern deals with the civil liability provision in H.
Part 02 of the contract (a) Compulsory civil liability insurance entity engaged in medical activities,(b) Voluntary insurance of civil liability for damage caused to a third party in connection with the operations and ownership of property,(c) Voluntary insurance of civil liability of the entity medicine.
Among these is the need to shield the entity that employs the officer from civil liability.
The article also examines the potential civil liability for following such strategies.