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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
In a product liability case, if there is a product recall, those costs will not be covered by product liability insurance.
Yet, because our product liability rules hamper innovation.
Knowing the soft spots in the safety net, areas where the net frays or sags, can help life-science firms and their attorneys navigate effective product liability defense.
Secret #2: You ask your broker if your product liability policy will cover an FDA-mandated product recall (after all, it does cover my "products" so it must cover a recall).
Most crucial is that the attorney have subject matter expertise in defending medical product liability cases--Even better if the attorney has expertise in the device company/defendant's niche, whether that is durable medical equipment, ventilators or diagnostic imaging technology.
The role of product liability law in the economy should be quite selective, since market forces will foster safer products so that safety levels are not generally awry.
Wright, The Principles of Product Liability, 26 REV.
If Chinese suppliers maintain adequate and accessible liability insurance, an importer faced with a product liability lawsuit in the United States, for example, may be entitled to make a claim against a Chinese manufacturer's insurer.
In Germany, recovery for damages in a civil product liability claim is not the only or the predominant means of compensation: Germany still provides an extensive social security net, including health insurance.
Much has been written lately about the seemingly uncontrollable increases in product liability premiums.
Last month, President Bush signed into law legislation that protects gun manufacturers from frivolous product liability lawsuits, usually filed by victims of crime or by their families.

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