liability

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Related to Product liability: Workplace violence, Uniform Commercial Code

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 ?
Paul Llewellyn (left), Reed Smith's new national head of product liability, with Chris Hill, the law firm's Midlands managing partner
In vetoing the bill, however, Clinton acknowledged that he had supported very similar product liability reform as the governor of Arkansas.
Thomas, Cincinnati office, Litigation (co-chair), Product Liability and Health Care Groups.
International Product Liability Law - This volume offers succinct summaries of the product liability laws, modern statutes and traditional theories of recovery, insight into the legal and litigation systems within which these laws operate, and a risk analysis of product liability lawsuits by the most respected and experienced product liability lawyers living and working in each of these countries.
Smith, Cincinnati office, practices in the firm's Pharmaceutical, Medical Device & Mass Tort Litigation, and Product Liability practice groups.
Pharmaceutical and food product manufacturers also face product liability due to the potential release of products that have expired.
Tinkering with product liability would be positive, but it cannot generate the ground-swell of support that real, revolutionary change can.
The result is The Fairness in Product Liability Act (H.
After two decades of debate, product liability legislation is being considered in both the U.
More than 16 million civil suits were filed in 1986, according to the Product Liability Coordinating Committee (PLCC), an umbrella group of several business associations pushing for passage of Senate bill 1400, the Product Liability Reform Act.
A partner in the firm's Product Liability practice group, O'Brian focuses her practice on health effects litigation and counseling companies on regulatory matters involving product liability and toxic tort.

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