the sum of one's pecuniary obligations; -- opposed to assets.
1. Legal responsibility for an act. 2. A debt.
Liability is the amount of money that a portfolio account owes. For example, if one buys stocks on margin, the margin loan amount would represent the account's liability. Similarly, if one goes short, the securities loaned would be the liability.
responsibility or accountability for one's breach of duty owed to another
Legal responsibility for one's acts or omissions. Failure of a person or entity to meet that responsibility leaves him/her/it open to a lawsuit for any resulting damages or a court order to perform.
Legal responsibility for an act. A debt. ( See joint and several liability , retroactive liability , strict liability )
Liability is another word for Fault. To succeed in a claim for compensation you must prove that someone else is liable (at fault or negligent)
Amount owed (i.e., payable) by an individual or entity, such as for terms received, services rendered, expenses incurred, assets acquired, construction performed, and amounts received but not yet earned.
Legal responsibility for any loss or damage that occurs in a transaction.
A type of Loss resulting from damage or injury one individual causes to another for which the first individual is legally liable. Abbreviated LIAB.
Agencies are liable for personal injury or property damage to a third party caused by: the negligent actions of an agency and/or an agency representative acting within the course and scope of his or her employment ("public [general] liability"); a breach of managerial duties by a director, manager, officer or any other person involved in the management of an agency, or an act or omission in relation to the discharge of their functions as an officer of the agency ("directors and officers liability"); a breach of the professional duties of an agency or its representative ("professional indemnity"); any act, error or omission in the provision of medical services ("medical liability"); or anything manufactured, serviced, altered or prepared by an agency ("product liability").
Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or to provide services to other entities in the future as a result of past transactions or events.
A general term encompassing all types of debts and obligations.
Debt owed by the company such as bank loans or accounts payable.
Responsibility for any financial loss incurred in connection with the bail bond posted.
Legal responsibility for damage or injury. The responsibility is usually financial and usually due to negligence. Negligence occurs when there is a breach of the duty owed an individual that causes injury or damages.
Legal issue of who is responsible for damage or injury.
Legal or financial responsibility for any condition or action.
what one person or organization owes to another
The ultimate responsibility for payment of a bill, usually a freight bill or bill for services. A party may be "liable" for charges even if another party makes the payment in their behalf for matters of commerce.
An obligation that one is bound in law to perform; usually involves the payment of money damages.
Legal responsibility to make good a loss or claim.
Legal responsibility for an act or omission.
Any kind of debt, from bank debt to money a business owes to suppliers to refunds it owes customers.
The sum total of all debt or monetary obligations (opposed to assets); something disadvantageous.
In a formal sense, the ASB's Statement of principles (para. 4.23) defines liabilities as: 'obligations of an entity to transfer economic benefits as a result of past transactions or events'. Less formally, a liability is something that a company owes to a third party; it is recognised as a liability on the balance sheet if it meets certain recognition criteria, such as whether it can be measured reliably.
responsibility to pay for an injury.
The financial obligation entered in the balance sheet of a business enterprise.
LaserQuipt is not liable in any circumstance for damages incurred by any product or the product's failure. Show related articles
Is another word for fault. To succeed in your claim you must prove someone else is at fault (liable).
Legal responsibility. An obligation to pay an amount in damages. In a non-legal context, something that is a negative factor.
under Superfund, a party responsible for the presence of hazardous waste at a site is also legally responsible for acting and paying to reduce or eliminate the risks posed by the site
The amount owed by a business or an individual, ex... more
The condition of being responsible for damages resulting from an injurious act, for discharging an obligation or debt, or for paying a penalty for wrongdoing.
Monetary obligations of a company reflected in its balance sheet.
A financial obligation, such as the payment of an invoice or the repayment of a loan.
The obligation to deliver currency as part of a spot transaction. In speculative forex trading, currency is not delivered. All profits and losses are subtracted from margin deposits.
In its broadest legal sense, liability means any obligation one may be under by reason of some rule of law.
an obligation to do, to eventually do, or to refrain from doing something; money owed; or according to law one's responsibility for his/her conduct; or one's responsibility for causing an injury [Go to source
A type of insurance that covers the renter of a vehicle in the event that damage or bodily harm is inflicted to persons or property outside of the rental vehicle. Most liability insurances are rendered void in the case of driver negligence, such as operating under the influence.
Legal responsibility to repay debt. Get your Free Debt Consolidation Quote
The amount you owe to others is your liability.
something of value a person or firm owes to someone else.
Legal obligation to perform or not perform specified acts(s).
in negligence: being found responsible for causing harm while owing a duty of care; We cannot impose a liability on the defendant unless the damage he inflicted was of a kind which was foreseeable. liable (adj); note: we say "liable IN negligence", but "liable FOR someone's loss or injury"
Your legal responsibility for damages.
Policyholder's legal liability resulting from injuries to other persons or damage to their property.
An amount owed to another, not necessarily due to be paid immediately. An obligation to remit money or services at a future date.
an obligation to pay money to another party
a duty one person owes another, or is liable for, for some special reason
an amount you now owe to somebody outside the business as a result of past event or transaction
an item of value that a bank owes
a present economic obligation of an entity
a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits
a present obligation of the entity as a result of past events and from which future economic benefits are expected to flow
a probable future payment of assets or services that a company is presently obligated to make as a result of a past transaction or event
Any enforceable legal obligation. For example, the failure to meet the duty of care of a reasonable person under similar circumstances.
Individual responsibility for causing, through negligence, injury to another person or damage to another person's property.
Your company's legal responsibility to make financial restitution for bodily injury or property damage to a third party because of your company's action or inaction. May also refer to a company's debts and future obligations.
Ethical duties often overlap with legal duties. Health care providers can be held legally responsible for failing to uphold their ethical responsibilities, such as beneficence, nonmaleficence, confidentiality, and respecting patient autonomy. [See Case Studies related to Liability
The legal conclusion that some person or entity is responsible for injuries suffered by the plaintiff(s).
This is the legal responsibility for causing loss to someone else by injuring him or her or damaging their property.
Legal issue of responsibility for damage or injuries.
An accounting term signifying money owed or expected to be owed to another party. In law, a legal term signifying a legal obligation.
The condition of being held responsible for an action or event that may result in either actual or claimed, injury or damage, to a person, personal property, or an environment. Liability may be civil or criminal.
The debts of a person or company
Protects you if someone else is killed or injured or their property is damaged. It will pay for legitimate claims against you up to the limit of your coverage, and will pay the costs of settling the claims.
This refers to any amount owed by a business.
The legal responsibility for injury done by the insured to a Third Party, or damage done to their property. (See Third Party)
Any legally enforcable obligation. Anytime a type of insurance uses the word liability, it refers to coverage that pays for the injuries of others or damage to their property only when you are found to be at least partially at fault for causing the accident.
an obligation to perform a specific duty.
A financial obligation or cash outlay; a claim on the assets of an individual or corporation.
An amount owed by one party to another, or the representation of such obligation.
The state of being legally responsible for an act or omission. The effect of that liability is to render the liable person liable for damages, some other form of punishment or some type of court order requiring the person to do something.
Monies owed by business. Contrast to Asset .
an obligation of responsibility for an action or situation, according to the law.
Being legally bound or subject to a tax or a penalty.
An obligation, according to law, to compensate another found to have been harmed by one's negligent acts or omissions. Also see 'At Fault' and Negligence.
is the legal obligation arising out of a failure to honor one's legal liability to another party, such as by contract or in tort. Managed Security Services (MSS) Managed security services provide in-depth analysis to find intrusion threats and respond to security breaches. MSS contains elements such as web-enabled, real-time security information, best practice policies, in-depth monitoring, safeguard management capabilities, and strong incident response and computer forensic servicess. Massive Outsourcing refers to the process where a majority of the business support processes are outsourced in one transaction or a small number of related transactions. The purpose of massive outsourcing is to drive shareholder value through shifting to others the operational responsibility for critical operations that do not deliver comparative advantage, or in which the company chooses not to invest due to comparatively low returns on investment. see more
Money owed by the business such as accounts payable, loan interest or loan principal.
Money owed by an individual or business that decreases net worth.
this term refers to your financial responsibility to a third party or parties incurred during an accident.
this term refers to your legal responsibility to somebody for injury or damage caused by your person or something that you are accountable for.
legal responsibility; generally associated with probable cost to repair damage.
This is the "who dunnit?" of car accidents. The person who is held liable (or responsible) is the one who has to pay for the car accident. Sometimes this is determined in a court of law.
The responsibility of the borrower for charges to an account, including purchases, fees and finance charges. Your liability is described in the cardholder agreement you receive from the issuer.
means legally responsibility for the injury.
legal responsibility. If you are at fault for a crash, you (or your insurance) may be held legally liable or responsible for the costs incurred. These may include bodily injury or property damage, or both, suffered by the other party. More information.
An amount owed by a company including short-term and long-term liabilities. Short-term liabilities are amounts payable indebtness that must be paid within 12 months while long-term liabilities are due beyond one year.
Responsibility or fault for an incident resulting in injuries and damages to person and/or property.
A financial obligation, debt, or claim against a person or institution.
An obligation reflecting legal indebtedness or possible financial exposures.
Refers to the person who is responsible to compensate another person as a result of the own or somebody else’s acts or omissions.
An amount owed by your organisation to others, including loans, accruals, grants received in advance and outstanding invoices.
An obligation or a debt – legal responsibility
Responsibility to another for one´s negligence.
A financial obligation, potential loss, debt, or claim.
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.
A debt Life Insurance A type of insurance which pays out a lump sum to your dependants if you die.
(or liable) – Fault in a civil action.
Any legal obligation for which a person is responsible.
what a person or company is legally responsible for; obligation that exposes person or company to risk
a disadvantage, obligation, or debt that must be performed.When purchasing real estate owned properties, it is good to seek out the liabilities a property has, as these can impact property values.
Employers have legal liability for any act of discrimination (including harassment) carried out by their employees unless the employer can show that they have taken all reasonably practicable steps to prevent it.
Liability is a term that broadly means legal responsibility. If you run a stop sign and hit another car, you may be found liable for the damages to the other driver's auto. | Back
The condition of being bound by law or contract to do something that may be enforced in the courts; obligation, usually financial; probable cost of meeting an obligation.
In terms of foreign exchange , the obligation to deliver to a counterparty an amount of currency either in respect of a balance sheet holding at a specified future date or in respect of an un-matured forward or spot transaction.
Economic obligations of an organization to outsiders or claims against its assets by outsiders.
A financial obligation or debt.
Debt, financial obligation, or potential loss
A debt or financial obligations.
An obligation for a specified amount or action.
Financial obligation by a party in respect of a cardholder dispute. Back to the top
A person's legal responsibility to repay a loan
A responsibility of one person to another enforceable in law.
Something for which one is liable; an obligation, responsibility, or debt. Examples of liability would include, a mortgage payment, a tax bill, an insurance bill, etc.
A liability is a debt owed to someone else. For governments, their outstanding public debt is their primary liability, reflecting amounts borrowed from the public that must be repaid at some future date. A contingent liability is one that depends on the occurrence of a specific event. For instance, if government provides crop insurance to farmers, it faces a liability only in the event of a drought or other weather conditions that reduce crop yields.
A legally enforceable financial obligation.
a debt that has no claim on a debtor's assets or less claim than another debt. Liability insurance: Risk protection for actions for which a business is liable.
Legal definition of the person or persons responsible for damage or injuries.
This is a broad term denoting any legally enforceable obligation.
A debt owed by a business to creditors.
Being legally bound or under obligation to do something.
Any debt or obligation the Postal Service is bound to pay.
An item of value that is part of the overall debt or obligation of a person or business. For example, a mortgage is a liability of the homeowner/borrower, but the same mortgage is an asset of the savings and loan/lender. At savings institutions, savings deposits and all borrowed money are considered liabilities. Net worth, or regulatory capital, is accounted for as a liability because it is an obligation of the institution to its owners.
Legal responsibility for the consequences of certain acts or omissions.
If an institution does not alert its constituents to dangers that they face, liability can accrue out of negligence of duty to protect the constituents' well being. "If the whole Israelite community sins unintentionally and does what is forbidden in any of the Lord's commands, even though the community is unaware of the matter, they are guilty" (Leviticus 4:13).
A legal responsibility, obligation, or debt.
Your financial obligation to any third party involved in an accident.
Legally obligated or indebted to another party.
legal responsibility for causing loss or damage to someone else's property or injury to a person.
The maximum amount for which Meyer's Van Lines is normally liable in connection with loss or damage of cargo while in transit or storage.
A liability is an outstanding debt such as a credit card balance or car loan. You are required to list all your liabilities when applying for a mortgage loan.
An obligation of an entity.
Legal responsibility to do, pay or suffer something.
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 in less than one year (wages, taxes, accounts payable, etc.). Long-term, or fixed, liabilities are those that run for one year or more (mortgages, bonds, etc.); 3) In futures, traders deposit margin as earnest money, but they are liable for the entire value of the contract; 4) In futures options, purchasers of options have their liability limited to the premium they pay; option writers are subject to the liability associated with the underlying deliverable futures contract.
In the context of credit, legal responsibility for the repayment of a debt.
Your liability, or liability amount, is your legal responsibility to repay debt.
The obligation to pay an amount owing. In the case of card fraud liability is used to refer to the party that is responsible for covering or absorbing the amount defrauded in respect of a cardholder dispute.
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.
a financial obligation or amount owed.
To have a responsibility for, or to be subject to the consequences of, whatever you did - see Infringement.
An amount owed to a creditor.
A legal obligation or responsibility for the payment of a loss or damages or a debt.
Any claim against the assets of a person or corporation: accounts payable, wages, and salaries payable, dividends declared payable, accrued taxes payable, and fixed or long-term obligations such as mortgages, debentures, and bank loans.
Any legally enforceable obligation or responsibility.
Debts or obligations owed by one entity, a debtor, to another entity, a creditor, payable in money, goods or services. The liabilities appearing on an entity's financial statement represent the debtor's obligation in a transaction.
Broadly, any legally enforceable obligation. The term is most commonly used to describe an obligation to pay damages.
This coverage will pay for BODILY INJURY and/or PROPERTY DAMAGE to the OTHER party for which you become legally responsible of an automobile accident.
Any debt owed by a firm or individual to others.
Any legally enforceable obligation; most commonly used in a pecuniary sense. In insurance terminology an important distinction is made between liability imposed by law, which means an obligation forced upon a person because of his acts or omissions, and the broader term legal liability which embraces all pecuniary obligations, including liability assumed by contract.
An obligation that can be legally enforced.
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property.
A generic term used to describe the onus on a producer or others to make restitution for loss related to personal injury, property damage or other harm caused by a product or service. (ISO 8402: 1986, 3.19)
Any kind of legally enforceable obligation.
1) An obligation imposed by law or equity. 2) Money owed or expected to be owed. In an insurance company financial statement, the two columns it contains are its "assets" (or the amounts it owns) and the "liabilities" (or the amount it owes or expects to owe). Liabilities generally are defined by state statute or insurance department regulation for use in the annual statement of an insurer. The term is also defined for special purposes by other regulatory officials, such as the Securities and Exchange Commission.
Responsibility for an illegal offense, enforceable by civil remedy or criminal punishment.
Something for which one is liable; an obligation or legal responsibility.
A legal obligation to pay a debt owed. Current liabilities are debts payable within twelve months. Long-term liabilities are debts payable over a period of more than twelve months.
A legal responsibility or obligation.
A debt; something you are responsible to pay back.
(or debt) How much a company, or person, owes; the opposite of asset.
Any legally enforceable obligation. Also, funds required for payment of future claims and expenses, including Asset Valuation Reserve.
Any current or future legal obligation, e.g. debt, duties under a contract or a position.
Your financial responsibility incurred because of an accident.
A claim on the assets of a business: in a sense, what the business owes.
(Passif ) A pension plan's liability is the debt arising from the plan's net commitments to its members. This debt is equal to the discounted value of these commitments.
Any legal responsibility, duty or obligation. The state of one who is bound in law and justice to do something which may be enforced by action.
Legal obligation, usually financial, for a loss, debt, penalty or the like.
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.
This is similar to responsibility as it means that you are in charge of the card and what happens to it. Many companies will say that they are not liable for lost or stolen cards.
A legal obligation to compensate a person harmed by one's acts or omissions.
Also known as debt. This is an amount owed to creditors.
The money which people owe to other parties.
Probable future sacrifice of economic benefits, or the entity owes somebody something.
The maximum amount for which UniGroup Worldwide UTS is normally liable in connection with loss or damage of cargo while in transit or storage.
A legally enforceable obligation or responsibility for injury or damage suffered by another.
legal responsibility for injury to other persons or damage to their property.
A Liability is an obligation, like a debt, that a person or company has. Because it is the opposite of an asset it is something that takes away value.
Liability refers to the responsibility for charges to an account. Generally, a cardholder agrees to be liable for any charges to his or her account, including purchases, fees and finance charges. If the cardholder allows someone else to make charges to his or her account (through, for example, an additional card), the primary cardholder is still responsible for the account as well as the balance. Your liability is described in the cardholder agreement.
A legally binding monetary obligation of an individual or business entity typically arising from the receipt of a capital good, service or related benefit to which a payment incurrence is initiated.
Liability involves having legal responsibility. In the context of insurance, general liability policies cover claims against the organization that allege some type of wrongdoing or breach of responsibility that resulted in damage to the claimant. Access to and affordability of liability insurance for voluntary sector organizations has been identified as a significant and widespread concern. See research on this topic.
an amount you owe to a creditor (someone who has loaned you money); in insurance, liability is your obligation to pay for harm you cause (see third-party liability)
A type of debt one is responsible for.
a broad term that can include every form of legal hazard, obligation, or responsibility whether absolute, contingent, or likely.
Debt or other legal obligations arising out of transactions in the past which must be liquidated, renewed or refunded at some future date. Note: The term does not include encumbrances.
As a legal concept, liability means that a person, organization, or group of people is legally responsible, or liable, for the injury or damage suffered by another person, or organization, or group of people, usually resulting from negligence; the failure to exercise a proper degree of care in a particular situation.
Obligations of the university to transfer assets or provide services to other parties in the future as a result of past transactions or events. Some examples are: unpaid balances to vendors for items that have been received; tuition and fees collected from students before the academic year has started; and money set aside to fulfill promises to pay pension and health benefits to current employees after they retire. A liability account normally should have a credit balance.
The responsibility of payment for the services rendered.
debt owed by a person or business.
Any legally enforceable obligation. Limits The amount the insurance carrier will pay for a claim. Most states specify the minimum limits you must purchase.
Responsibility in law for a wrongful act (negligence/beach of duty).
A debt which one is liable for; being responsible only to a limited amount.
A legally-imposed responsibility or obligation.
Any debt that you are responsible to (re)pay. Lenders want to know what liabilities you have to see if you're a high-risk candidate for a loan. Liabilities include car and student loans, credit card debt, child support, insurance premiums and alimony. The fewer liabilities that you have, the more confident a lender feels about giving you a loan.
On An Account Your legal responsibility to repay a debt.
Something owed to another party. (See also debt and loan . Compare with asset .) The same item of value can be both an asset and a liability, depending on your point of view. For example, to the borrower a loan is a liability because it represents money owed that has to be repaid. But to the lender, a loan is an asset because it represents money the lender will receive in the future the debt is repaid.
Liability, in the legal sense, is similar to responsibility or accountability for injuries or losses endured by another person.
Any legally enforceable obligation, such as a debt owed or financial risk associated with a lawsuit.
An outstanding debt such as a loan or credit card balance. Information about your liabilities is required when applying for a mortgage loan.
Money an individual or organization owes; same as debt.
In accounting, a financial liability is something that is owed to another party. This is typically contrasted with an asset which is something of value that you own. The basic accounting equation relates assets, liability, and capital (or equity) thus: liablities + equity = assets
A legal obligation, debt, claim or potential loss.
This relates more to commercial mortgages. With a commercial mortgage liability for the repayment of the loan depends on the legal structure of the business: --A sole trader will be personally liable for the mortgage debt. Personal assets could be seized if the business defaults. --Partners are jointly liable for the debts of the partnership and their personal assets are at risk. --With a limited-liability partnership and a limited company, the liability falls firstly on the business rather than on the individual partners and directors. --The lender may take a floating charge on business assets in general, rather than simply on the current property being purchased. --The lender may also insist on personal guarantees as a condition of granting the loan, in which case the partners and directors may be held personally liable anyway.
A legal duty to pay for injury or damage.
The legal obligation to pay a monetary award for injury or damage caused by one's negligent or statutorily prohibited action.
Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.
A financial obligation, debt, claim, or potential loss.
A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.
a duty or obligation for which you’re a legally responsible
A legal term referring to responsibility for damages or injuries.
Debt obligations are liabilities and creditors, in most cases, have a claim on the assets of the debtor. A balance sheet will usually list the creditor, amount of outstanding liability, and dates of maturity.
broadly, any legally enforceable obligation. The term is most commonly used in a pecuniary sense. (See ABSOLUTE LIABILITY, LIABILITY INSURANCE, NEGLIGENCE, STRICT LIABILITY, TORT, and VICARIOUS LIABILITY)
The state of being legally obliged and responsible where you have a financial condition of being indebted.
A financial obligation or other amount you owe.
Any drawback, debt, or obligation. Something that acts as a disadvantage. An obligation or duty that must be performed. The opposite of asset.
Any legally enforceable act or obligation.