vicarious liability

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Contingent Liability

A liability that a company may have to pay, but only if a certain future event occurs. Usually, a contingent liability refers to the outcome of a lawsuit: that is, the company may have to pay a significant amount of money if it loses the lawsuit. Contingent liabilities are recorded under accounts payable; their existence may also affect the share price.

vicarious liability

see TORT.

vicarious liability

The legal principle that persons who are in a position to control the actions of another will be held liable for any injuries caused by that other person.Liability does not rely on proving there was improper training, instructions, control, or supervision. Rather, it is imposed merely because of the relationship between the parties.Respondeat superior is one type of vicarious liability. In real estate, the concept is most often encountered in claims against an employer (construction contractor, property manager, and sometimes even real estate brokers) for the discriminatory actions of an employee.

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