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 Bill aims to provide a civil liability for nuclear damage and prompt compensation to the victims of a nuclear incident through a no fault liability to the operator, appointment of Claims Commissioner, establishment of Nuclear Damage Claims Commission and for matters connected therewith or incidental thereto.
On the other hand, several EU member states already maintain some kind of system of civil liability limitation.
Indeed, only a month after the governor signed the Civil Liability Bill, NBC ran an episode of "L.
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".
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.
The insured~s civil liability is covered by the insurance resulting from possessing property or running a business within the scope of own or entrusted tasks, Including public tasks specified in legal provisions.
Next, in chapters reviewing the relevant statutory and case material, he discusses the evolution and restriction of prisoner rights, civil liability and Section 1983 actions for violations of constitutional rights, deliberate indifference and medical care, civil liability and the use of force, civil liability for claims of failure to protect and for prison conditions, liability and wrongful custodial deaths, liability issues surrounding searches and segregation, correctional supervisor liability, and civil liability and the impact on corrections.