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 ?
On the other hand, several EU member states already maintain some kind of system of civil liability limitation.
But in the history of special interest politics, the California Civil Liability Reform Act breaks new ground.
The second is where the accused is acquitted due to lack of proof 'beyond reasonable doubt,' which permits civil liability if proved by 'preponderance of
Ngo was fined P5,000 for each count with additional civil liability of P360,000 for each case.
'This Law was drafted in accordance with the Vienna Convention on Civil Liability for Nuclear Damage as amended by the 1997 Protocol, which the UAE acceded to in August 2012,' said Hamad Al Kaabi.
The International Convention on Civil Liability for Oil Pollution Damage 1992 is based on the principle of "strict liability".
Providing general information on the civil liability process as it affects police and correctional institutions, this text uses Supreme Court and lower court decisions to illustrate how different cases have been applied in criminal justice agencies.
[28] The decision clearly elevates the warning requirements of Miranda to Constitutional proportions; the single most significant practical impact of which is potential civil liability of individual law enforcement officers and their departments resulting from intentional violations of the warning requirements mandated in Miranda.
Designed as a traditional Restatement, even though there is no previous Restatement of this subject, the set addresses the formation of the client-lawyer relationship and issues involving the civil liability of lawyers, including the remedies of malpractice liability.
Last year, the Council of Europe did approve a "Convention on Civil Liability for Damage Resulting From Activities Dangerous to the Environment" that introduced a strict liability regime for pollution and environmental impairment damage.
A third concern deals with the civil liability provision in H.R.447.
Contract notice: Procurement of Primary civil liability