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 ?
In Parmalat, the court viewed control person liability as analogous to "agency" and concluded that Grant Thornton International controlled Grant Thornton Italy and that Deloitte International controlled Deloitte Italy.
While most fixed-site environmental liability policies are customized to fit the unique circumstances of each transaction, they generally provide coverage for discovery of unknown pre-existing contamination, regulatory reopeners that mandate additional cleanup of already remediated conditions and new pollution events at an insured site.
1) The liability for each type of year-end compensation (to which the employment taxes relate) is fixed and its amount can be determined with reasonable accuracy (satisfying the all events test).
It is imperative that owners and directors with fiduciary responsibilities examine their general liability insurance to confirm the scope of their coverage for employee benefits liability, if any.
Burlington Industries countered, arguing that it was hostile environment harassment and asserted a defense to liability, arguing that the plaintiff never had complained of the offensive behavior and, therefore, it did not have knowledge nor could it have reasonably known of the conduct and, thus, should not be liable.
The statutes apply only to directors and do not cover areas such as liability resulting from breach of loyalty, or breach of federal statutes such as RICO.
Under the proposed Interpretation, the liability arising from the difference between the tax position and the amount recognized and measured under the proposed Interpretation would be classified as a current liability for amounts that are anticipated to be paid within one year or the operating cycle, if longer.
The Provider Liability Law deals with subject matter similar to that of the US Communications Decency Act and the Digital Millennium Copyright Act.
In South America, product liability suits are heard by judges--not juries--who are barred from imposing punitive awards.
There is a second legal development that elevates liability risks for foundries, even when the waste stream targeted for reuse is non-hazardous.
The key to where liability resides after an asset purchase, acquisition, or merger is understanding the legal status of a corporation.
He advises business owners to seriously consider their level of liability when opting for sole proprietorship.