contingent liability

(redirected from Secondary liability)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.

Contingent Liability

A liability that a company may have to pay, but only if a certain future event occurs. Usually, a contingent liability refers to the outcome of a lawsuit: that is, the company may have to pay a significant amount of money if it loses the lawsuit. Contingent liabilities are recorded under accounts payable; their existence may also affect the share price.

contingent liability

An obligation that may result, but is not likely to result because the event causing the obligation is improbable. For example, the award from a lawsuit against a firm is a contingent liability of the defendant if there is little likelihood the plaintiff will recover the award.

contingent liability

a liability which may or may not occur depending upon an uncertain event, for example, the outcome of a court case in which damages are being claimed against a firm.

contingent liability

A liability that is not currently a liability but may become one upon the happening of some future event.If a father guarantees the student housing lease of his son,then the son is liable for the rent but the father may become liable if the son defaults. Other common contingent liabilities are guarantees of the debts of others,potential adverse judgments in litigation,and currently contested tax liabilities or audits. Lenders sometimes request a list of all contingent liabilities when evaluating a borrower's financial strength.

References in periodicals archive ?
44) Secondary liability, as mentioned above, encompasses contributory infringement and vicarious infringement of copyrighted material.
Although common-law principles often motivate the analysis of secondary liability for intellectual property torts, (13) there are many important differences between general secondary civil liability and indirect patent infringement.
Toward Non-Neutral First Principle of Private Law: Designing Secondary Liability Rules for New Technological Uses, University of Akron, 2008.
Further, the types of extended secondary liability that parties are permitted to place on ISPs under ACTA could very well stifle innovation, preventing potentially job-creating businesses from ever getting off the ground or expanding for fear that some of their users might cause them to become the target of a rights holder's complaint.
Considering that controlling person liability under sections 15 of the 1933 Act and 20(a) of the 1934 Act remains one of the primary means of providing secondary liability in private rights of securities actions, requiring plaintiffs to plead culpable participation is unduly burdensome.
2d at 1338-39 (relying on Aldana for its treatment of secondary liability with corporations).
94) In light of Central Bank's role as indenture trustee, the issue of secondary liability became a critical point of concern.
With respect to questions like exhaustion, or corporate and secondary liability, however, this approach would require courts to apply federal common law based on the content and clarity of international law (where international law provides a clear answer, courts should generally apply it), the content of domestic law (because Congress generally legislates with domestic norms as a background (53) and because when the statute was originally enacted there was no sharp separation between international law and the general law (54)), and, in some circumstances, the views of the executive branch as to the content of customary international law, particularly where customary international law is unclear or in a state of flux.
If they pursued claims of secondary liability (contributory infringement and inducement), Cablevision would have likely asserted the Betamax defense: that the device was capable of substantial noninfringing use, and, therefore, they were not liable for the copying of customers using the device.

Full browser ?