For Liability we have terms and definitions in 29 topics. The topics are Accounting, Accounting Terms, Auto Insurance, Auto Loan, Automotive, Backgammon, Business, Canadian Law, Car Buying, Credit Cards, Credit Reports, Dairy Production, Debt Consolidation, Energy, Ethics, Finance, Frauds and Scams, Insolvency, Insurance, International Economics, Labor, Legal Ethics, Non-Profit Accountability, Nursing Home Abuse, Personal Injury Law, Real Estate, Security Testing, Tax and Tradeshow, Exhibitor.

Liability (Accounting)

in insuranceis a term used when analyzing insurance risks that describes possible areas of financial exposure / loss. Presentlythere are three forms of liability coverage that insurers will underwrite: The first is general liabilitywhich covers any kind of bodily injury to non-employees except that caused by automobiles and professional malpractice. The second is product liabilitywhich covers injury to customers arising as a direct result of goods purchased from a business. The third is public liabilitywhich covers injury to the public while they are on the premises of the insured.in accountingis a loanexpenseor any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.

Liability (Accounting Terms)

DEBTS or obligations owed by one entity (DEBTOR) to another entity (CREDITOR) payable in money, goods, or services.

Liability (Auto Insurance)

A judgment is a final decision rendered by a court of law. For example, in a lawsuit related to an auto accident, where Kate hit Eric’s fence, the court determined that Kate was wholly responsible for the accident. The judgment determined that Kate should pay for the costs of repairing Eric’s fence.

Liability (Auto Loan)

on

Liability (Automotive)

Any legally enforceable obligation.

Liability (Backgammon)

An feature that contributes to the weakness of a position, such as too many blots, buried checkers, or inflexibility. Compare: Asset.

Liability (Business)

A debt that has no claim on a debtor's assets or less claim than another debt.

Liability (Canadian Law)

Any legal obligation, either due now or at some time in the future. It could be a debt or a promise to do something. To say a person is "liable" for a debt or wrongful act is to indicate that they are the person responsible for paying the debt or compensating the wrongful act.

Liability (Car Buying)

Also known as debt. This is an amount owed to creditors.

Liability (Credit Cards)

on

Liability (Credit Reports)

Your liability, or liability amount, is your legal responsibility to repay debt.

Liability (Dairy Production)

Money that is owed to another individual or entity. Accounts or promissory notes that were incurred in the past but have not yet been paid.

Liability (Debt Consolidation)

Legal responsibility to repay debt.

Liability (Energy)

An amount payable in dollars or by future services to be rendered.

Liability (Ethics)

A legal notion meaning a legal debt or obligation. The liabilities most often discussed in the Online Ethics Center are those to compensate for injury (to one's person, property, finances, or reputation) or to clean up toxic contamination. Legal liability to compensate for an injury or to clean up contamination does not necessarily require that one have caused the injury or contamination, or that one is guilty in a moral sense. Under the doctrine of strict liability a party may be liable without having been guilty of negligence, for example.

Liability (Finance)

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 (Frauds and Scams)

The claims by creditors against a corporation or an individual. A corporation's liabilities include accounts payable, wages payable, dividends declared payable, accrued taxes payable, and long-term liabilities (bank loans and debentures).

Liability (Insolvency)

Any legal obligation for which a person is responsible.

Liability (Insurance)

Broadly, any legally enforceable obligation. The term is most commonly used in a pecuniary sense.

Liability (International Economics)

An amount that is owed, in contrast to an asset. A liability may result from borrowing, from obligation to pay for a product or service received, etc.

Liability (Labor)

In general, an employer becomes liable when he or she pays workers $1,500 or more in gross wages in a calendar quarter or for work performed in any part of the day in 20 weeks in the calendar year. This encompasses most employers. An employer is determined to be liable under
26 M.R.S.A. Chapter 13. section 1043 (9)(A)(1-10).

Liability (Legal Ethics)

Any sort of legal obligation, including, for example, the obligation of a corporation to pay wages or taxes. The liabilities most often discussed in this Ethics Center are those to compensate for injury or to clean up toxic contamination. Legal liability to compensate for an injury or to clean up contamination does not necessarily require that one have caused the injury or contamination, or that one is guilty in a moral sense. Under the doctrine of strict liability a party may be liable without having been guilty of negligence, for example.
Moral. Synonym for "ethical." See ethics.

Liability (Non-Profit Accountability)

The state of being legally obliged and responsible for actions, people, or debts.

Liability (Nursing Home Abuse)

An obligation that one is bound in law to perform; usually involves the payment of money damages.

Liability (Personal Injury Law)

An obligation that one is bound in law to perform; usually involves the payment of money damages.

Liability (Real Estate)

1. Legal responsibility for an act. 2. A debt. (See joint and several liability, retroactive liability, strict liability)

Liability (Security Testing)

Liability for something such as debt or crime is the legal responsibility for it; a technical term in law.

Liability (Tax)

The Liabilities of a business are the debts of a business. For example, if money is borrowed from a bank, there is a liability to repay the loan. In this case, the borrower would be known as the debtor and the bank to which the debt is owed would be called the creditor.

Liability (Tradeshow, Exhibitor)

A legal term referring to responsibility for damages or injuries.

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