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 act also adds a "bona fide prospective purchaser" defense to CERCLA liability reflecting the fact that the purchaser of a brownfield site might indeed be acquiring a contaminated site that requires cleanup.
As a derivative liability flowing from the determination of tax liability, interest should be recomputed whenever the tax liability is redetermined for a particular taxable year for which the statute of limitations is open.
Bear in mind, however, that the courts recently have shown a trend toward expanding the scope of liability from the subsidiary to the parent company.
Members of an alliance should be aware that controlling one another, or permitting an umbrella organization to control members, creates the greatest chance for vicarious liability.
The lender was willing to sell the site at a discount provided the buyer agreed to assume liability for all cleanup costs and any pollution-related damages or claims.
Thus, for a taxpayer to currently deduct employment taxes on accrued vacation/bonus pay that is paid in the subsequent year, it must meet the all events test and economic performance must have occurred with respect to the liability.
Private companies take on additional liability risk when they act like their public peers.
The scope of a typical employee benefits liability endorsement is limited to liability arising out of errors and omissions in the administration of employee benefits programs.
The Provider Liability Law deals with subject matter similar to that of the US Communications Decency Act and the Digital Millennium Copyright Act.
In South America, product liability suits are heard by judges--not juries--who are barred from imposing punitive awards.
In March, a federal District Court in Northern Indiana held a foundry liable under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) for spent foundry sand provided as a fill and cover material.
This ongoing liability extends to the organization's information assets for several reasons.