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 the fifth slab, a person earning more than Rs291,666.66 per month but less than Rs416,666.66 is liable to pay a fixed amount of Rs30,833.33 and 20% of the amount exceeding Rs291,666.66 per month from FY20.
'Administratively, pwede rin silang maging liable diyan (they could be held liable),' he added.
"It bears stressing that Article 100 of the RPC does not provide that only those who are criminally liable are civilly liable.
The court held that the connection between the employee acting in the course of his employment and the assault was sufficient for the employer to be liable.
If the offence is not committed in the name or for the account of the company, it shall not be jointly liable for payment of fines or compensation.
Among those held liable were former Quezon City representative Ma.
The authority stressed that in all cases, the supplier remains liable for accounting for the tax and paying it to the FTA.
This step was implemented to provide more time for persons liable to deduct tax at source, e-commerce companies and their suppliers to prepare for the rollout of the forthcoming tax regime.
If, however, available resources have been negligently wasted or squandered through incompetence or maladministration, the responsible public officials may also be held personally liable for the foreseeable harm caused to patients.
In analyzing whether the franchisee was an agent of BWWI, the court adopted the "very instrumentality" test, calling it the "predominant test for holding a franchisor vicariously liable." The court, citing numerous cases across the country, held that a franchisor is vicariously liable only where it "controls or has the right to control the daily conduct or operation of the particular 'instrumentality' or aspect of the franchisee's business that is alleged to have caused harm."
At the end of last year, the Court of Appeal ruled in the case of Stannard (t/a Wyvern Tyres) v Gore that a tyre-supply company was not liable to the owner of the adjoining premises when a fire broke out and destroyed both units.
6 that an individual who receives inside information can be liable for insider trading if he knew or should have known that the tipper breached a duty to his employer.