Liability Definition 1. The state of being legally responsible for something. 2. In business, something a person or company owes, such as money, payroll taxes. To be liable in a legal sense simply means to be held legally responsible or obligated. For example, a defendant in a civil torts case may be liable to pay. 1. The IASB has tentatively decided to define a liability as: A present obligation of the entity to transfer an economic resource as a result of past events. 2. In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to. Legal liability for damages due to injuries to other persons, damage to their property, or other damage or loss to such persons (including the expenses of.
adjective legally responsible: You are liable for the damage caused by your action. Synonyms: accountable, answerable subject or susceptible: to be liable to. The meaning of LIABLE is obligated according to law or equity: responsible. How to use liable in a sentence. Liable vs. Apt: Usage Guide Synonym Discussion. The meaning of LIABILITY is the quality or state of being liable. How to use liability in a sentence. Liability or Liabilities means any and all debts, liabilities, covenants, promises, contracts, agreements and/or obligations of whatever kind, nature. 1[uncountable] liability (for something) liability (to do something) the state of being legally responsible for something The company cannot accept liability. 1. [noncount]: the state of being legally responsible for something: the state of being liable for something The company is trying to limit its liability in. A liability is a financial obligation of a company that results in the company's future sacrifices of economic benefits to other entities or businesses. Liability or Liabilities means any and all debts, liabilities, covenants, promises, contracts, agreements and/or obligations of whatever kind, nature. A liability can refer to a financial obligation as well as responsibility for damages. Learn about both of these definitions and how they relate to your. n. one of the most significant words in the field of law, liability means legal responsibility for one's acts or omissions. Failure of a person or entity. Liability is a broad term for the state of being responsible for or in debt. Liabilities are found in the law and accounting. Someone can be subject to monetary.
Find the legal definition of LIABILITY from Black's Law Dictionary, 2nd Edition. The state of being bound or obliged in law or justice to do, pay. LIABILITY definition: 1. the fact that someone is legally responsible for something: 2. debts: 3. something or someone. Learn more. Liability definition. Liability usually means that you are responsible for something, and it can also mean that you owe someone money or services. Liability legal definition: Simply put, liability is the state of being responsible for something. In a legal context, it is an enforceable. A liability is a debt or obligation or a personal flaw that stands in your way. A company's liabilities are simply the debts on its ledger, but a personal. Liability Insurance Definition. Liability insurance is a general term to describe different types of insurance coverage that helps protect you or your. Liabilities are the legal debts a company owes to third-party creditors. They can include accounts payable, notes payable and bank debt. noun, plural li·a·bil·i·ties. liabilities, something disadvantageous: His lack of education is his biggest liability. Also li·a·ble·ness [] the state or. An entity has a liability only if the economic obligation is enforceable by legal or equivalent means. or ii. Retain notion of constructive obligation but.
Much Obliged · A liability is something that you or another person or company will have to spend money or effort on in the future. · Any kind of debt generally. liability. Primary tabs. A party is liable when they are held legally responsible for something. Liability Definition. Liability refers to the legal responsibility a company or individual has for debts, obligations, or potential losses, which may. Much Obliged · A liability is something that you or another person or company will have to spend money or effort on in the future. · Any kind of debt generally. PERSONAL LIABILITY meaning: the fact of a person, rather than a company or organization, being legally responsible for. Learn more.
A liability is a legal debt or obligation that an entity must pay back. An entity could be, for example, a person or a company. Home Term Insurance Definitions liability. On This Page. liability. Liability is the term for any legally enforceable obligation. Additional Information. Within. 1. The state of being liable. 2. a. Something for which one is liable; an obligation, responsibility, or debt.
Luxury Mystery Shopper | Google Stock Forecast 2023