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 ?
SAVING LIVES Exclusive hospital enterprise liability is the key to unlocking the dormant deterrent power of tort liability.
McLean III, supra note 13, at 205-206 (describing the many benefits of an enterprise liability approach).
But even under a narrower form of enterprise liability, firms could
Negligence leaves concentrated harms on injurers; enterprise liability disperses concentrated loss and distributes it across all the beneficiaries of an enterprise.
Additionally, McLean, a proponent of enterprise liability, does not extend his discussion to cover cases where the plaintiff and the doctor are in different states, which is exactly what cybersurgery contemplates.
The Clinton Administration, as noted above, briefly considered a strong form of enterprise liability that would totally immunize physicians from suit and leave payors as the sole targets of litigation.
With hospital enterprise liability, the deterrent would be internalized to the hospital, establishing a clear financial incentive for quality improvement and error reduction.
The use of enterprise liability in the no-fault proposal would dilute the deterrent element of liability and would cause medical care institutions to change their relationship with affiliate physicians.
It may be the case that when the doctrine of enterprise liability is combined with another doctrine that does not clearly delineate the safety standards required of manufacturers, the result will be an even further increase in the uncertainties inherent in the underwriting process.
Unfortunately, enterprise liability will be adapted to the needs of the party primarily responsible.
Neither enterprise liability nor enterprise insurance, however, provides an incentive to physicians to correct medical errors or the provision of substandard care (and, medical negligence committed by individual physicians who do not practice in an entity setting cannot be adequately addressed by enterprise liability/insurance).
104) If successfully invoked, enterprise liability permits

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