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 ?
substantive consolidation and enterprise liability as a way to better
Lastly, the idea of bonded limited liability is supported by the tort concept of enterprise liability and the insurance principle of risk retention.
Although some supporters of existing tort law argue that the dramatic improvements in anesthesiology outcomes at the end of the 20th century were attributable to existing tort liability, I explain below why those improvements are best explained by the arrival of de facto enterprise liability at the Harvard teaching hospitals.
Part II then reviews the history of proposals for enterprise liability and the reasons those proposals were not adopted.
10 ("In one type of enterprise liability, accident costs are imposed on those most likely to insure or self-insure; in the other, such costs are imposed on those in a position to achieve spreading by passing some or all of the costs on to the purchasers of the enterprise's products.
agenda of using enterprise liability as a means of encouraging firms to
But the very statement of the idea of enterprise liability transforms the question.
McLean, Cybersurgery--An Argument for Enterprise Liability, 23 J.
Without proof of product identification, the plaintiff asked the court to invoke the doctrines of market share liability, concert of action, and enterprise liability.
The echoes of enterprise liability identified in this analysis constitute judicial reactions to unique factual circumstances involving generic product hazards in which, as in cases involving manufacturing defects, the insurance mechanism functions as intended.
Cosgrove granted the defendants' summary judgment motion for claims using the collective, alternative, and enterprise liability theories because they require plaintiffs to pinpoint the manufacturer.
988) suggests a fourth reason, enterprise liability.

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