liability

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Related to liable: Vicariously liable

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 ?
6] For example, where hospital managers, public officials or MECs for health are informed of the likely harm to patients should radiological equipment not be repaired or replaced and they fail to rectify the situation--despite having available resources--they may be held personally liable for harm caused to patients.
If so, the negligent person is liable for it, but otherwise not" (Roe v.
Such a law encourages plaintiffs to seek out minimally liable defendants with substantial resources because the plaintiff can control the defendants who will proceed to trial by settling before trial with those defendants who would be likely found by the jury to be primarily at fault.
If alliance members form a general partnership, the members might be vicariously liable for each other's torts and securities violations.
Traders that do not take reasonable precautions are at risk of being liable for unpaid VAT.
Employers have been held to a strict standard of liability, referred to as vicarious liability, for the sexually harassing conduct of supervisors, enabling employees alleging they were the victims of sexual harassment to hold employers liable without the need to establish knowledge or constructive knowledge of the offending conduct and failure to remedy it on the part of the employer.
Neither Horne nor Armstrong is aware of any cases that have been brought against recyclers holding them liable in a case of identity theft.
The unanimous Supreme Court judgment said that "the church exerted sufficient control over the operations at the residential school that gave rise to the wrong to be found vicariously liable with Canada.
Rope makers could be sued because their ropes were used in kidnappings or strangling cases; car manufacturers could be held liable for hit and run accidents; and hockey puck makers could be held liable for broken teeth and concussions.
However, its members, like corporate shareholders, are not personally liable for the entity's debts and liabilities.
Nowhere is vigilance more crucial than in cases where at least one of the liable parties has entered into bankruptcy either before or after settling with a plaintiff for damages.
Traditionally, under the State's environmental laws (and federal law as well) owners and operators of contaminated sites were liable for contamination cleanup costs and damages without regard to fault (strict liability).