liability

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Related to Product liability: Workplace violence, Uniform Commercial Code

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 ?
Product liability lawsuits arrived before a globalized legal structure was in place to deal with them, sparking today's catch-up effort toward harmonized laws.
What can be learned by these past failed attempts at product liability reform?
Features of our product liability system that discourage performance of the kinds of analyses required to identify such risks are counterproductive from a social point of view.
Earlier this year, the Illinois legislature passed a comprehensive tort reform bill, the Wisconsin Senate passed a bill capping medical malpractice claims, and the South Dakota Senate passed a product liability reform bill.
Behrman (1986), "The Product Liability Coordinator: A Partial Solution," Journal of the Academy of Marketing Science, 14(Fall): 58-65.
In the early years of the product liability reform movement, business attempted to organize support for its position around the themes of predictability and fairness.
172(f), "specified liability losses" are the sum of three types of deductible losses: (1) product liability losses, (2) losses due to liabilities arising under Federal or state law and (3) losses due to liabilities arising out of torts.
Affecting everyone in manufacturing, this issue involves the lawsuits of injured parties with a "sue the world" mentality, according to William Fay, Product Liability Coordinating Committee.
And CGL will continue to pursue passage of product liability and tort reform legislation, as well as support the OMB as "the last bastion of defense" in controlling unnecessary regulation.
The threat of product liability continues to extract its toll from America's manufacturing prowess even as pressure to enact a federal legislative solution grows.
com/research/19ad5b/how_to_market_your) has announced the addition of the "How to Market Yourself as a Product Liability Lawyer" audioconference to their offering.
This collection of 16 papers, presented by Fairgrieve (director, Tort Law Centre, British Institute of International and Comparative Law) presents country studies and analytical essays exploring the law of product liability from a comparative law perspective.

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