- Legal liability
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Legal liability is the legal bound obligation to pay debts.
- In law a person is said to be legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law and criminal law. See Strict liability. Under English law, with the passing of the Theft Act 1978, it is an offense to evade a liability dishonestly. Payment of damages usually resolved the liability. Vicarious liability arises under the common law doctrine of agency – respondeat superior – the responsibility of the superior for the acts of their subordinate.
- In commercial law, limited liability is a form of business ownership in which business owners are legally responsible for no more than the amount that they have contributed to a venture. If for example, a business goes bankrupt an owner with limited liability will not lose unrelated assets such as a personal residence (assuming they do not give personal guarantees). This is the standard model for larger businesses, in which a shareholder will only lose the amount invested (in the form of stock value decreasing). For an explanation see business entity.
- Manufacturer's liability is a legal concept in most countries that reflects the fact that producers have a responsibility not to sell a defective product. See product liability.
- ^ Sullivan, Arthur; Steven M. She (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 187. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4.
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legal liability — ➔ liability * * * legal liability UK US noun [U] LAW ► responsibility that someone has for their actions, for example the responsibility to pay another person for harm or damage that is a result of these actions: »Failure to comply with the… … Financial and business terms
legal liability — index damages, fine Burton s Legal Thesaurus. William C. Burton. 2006 … Law dictionary
legal liability — legal responsibility, legal obligation, responsibility as determined by the law … English contemporary dictionary
legal liability — Liability at law … Ballentine's law dictionary
legal liability — A liability which courts recognize and enforce as between parties litigant. See also legally liable liability strict liability … Black's law dictionary
Water Damage Legal Liability Insurance — A policy that provides financial protection to a person or business that unintentionally causes water damage to the property of another. Water damage legal liability insurance is not included in all policies, so the insured should read his or her … Investment dictionary
liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds … Law dictionary
Legal aspects of file sharing — Part of a series on File sharing Technologies Peer to peer … Wikipedia
liability — 1) In the broad legal sense, responsibility or obligation. For example, a person is liable to pay his debts, under the law; 2) In accounting, any debt owed by an individual or organization. Current, or short term, liabilities are those to be paid … Financial and business terms
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. The New York Times Financial Glossary * * * liability li‧a‧bil‧i‧ty [ˌlaɪəˈbɪlti] noun liabilities PLURALFORM … Financial and business terms