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liability |
Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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Liability A legal debt or obligation estimated via accrual accounting. Notes: Recorded on the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, and accrued expenses. For example, the unpaid value of a mortgage or outstanding money owed to suppliers would be considered a liability. Current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period. 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.
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``Employment cases represent the largest risk factor -- as far as verdicts or payouts,'' said Gary Geuss, chief assistant city attorney in the Civil Liability Management Group. ATCA provides jurisdiction for civil liability only. People who use the services of unlicensed contractors expose themselves to civil liability under their homeowners' policies if contractors or their employees are injured on the job. |
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