liability issues definition
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liability liability. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed.
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- 1. liability-the state of being legally obliged and responsible. susceptibility, susceptibleness-the state of being susceptible; easily affected. taxability-liability to taxation. ratability, rateability-the state of being liable to assessment or taxation.
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Liability insurance Liability insurance. (Redirected from General liability insurance) Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the insured) from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
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Contingent liability Contingent Liability. Definition: A contingent liability is either a possible obligation arising from past events and depending on future events not under an entity's control, or a present obligation not recognized because either the entity cannot measure the obligation or settlement is not probable.ontingent Liability. Definition: A contingent liability is either a possible obligation arising from past events and depending on future events not under an entity's control, or a present obligation not recognized because either the entity cannot measure the obligation or settlement is not probable.
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Liability: definition Examples of estimated liabilities – also called provisions – include income tax payable and warranty liability. Liabilities can also be categorized based on their maturity. Current liabilities are obligations that are due within one year.
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Liabilities - What are liabilities? Liabilities - What are liabilities? A liability is a debt owed by a company that requires the entity to give up an economic benefit (cash, assets, etc.) to settle past transactions or events Track your business liabilities with cloud-based accounting software like Debitoor.
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Liability (financial accounting) In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
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- A liability account is anything the company owes. Accounts Payable,  Notes Payable, these are two examples of a liability account.  Unearned Revenue is another example of a … liability account.   Unearned revenue is revenue a company has received but has not yet  fulfilled their obligation to the customer.iabilities are money or moneys owed to another individual or company by another. There are two main liability categories, Current Liabilities and Long-Term Liabilities.
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limitation of liability clause limitation of liability clause. A limitation of liability clause (sometimes referred to simply as a liability clause) is the section in a contracted agreement that specifies the damages that one party will be obligated to provide to the other under terms and conditions stipulated in the contract.
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Premises liability Premises liability law is the body of law which makes the person who is in possession of land or premises responsible for certain injuries suffered by persons who are present on the premises. — ExpertLaw website.
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Hangarkeepers Legal Liability Insurance 2. An insurance policy that provides coverage to the owner of an airplane in the event the plane causes injury to a person or property while another party is operating it. The policy covers legal fees and damages that may result from the insured event.
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Hangarkeepers Legal Liability Insurance 1. An insurance policy that provides coverage to the owner of an airplane hangar in the event that a plane docked at that hangar but owned by someone else causes injury to a person or property. The policy covers the legal fees and damages that may result from the insured event. 2.
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What is the difference between debt and liability? As nouns the difference between debt and liability is that debt is an action, state of mind, or object one has an obligation to perform for another, adopt toward another, or give to another while liability is the condition of being liable.
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What is a 'Liability' What is a 'Liability'. A liability is a company's financial debt or obligations that arise during the course of its business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services.
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liability Definition of liability for English Language Learners. : 1  the state of being legally responsible for something : the state of being liable for something. : 2  something (such as the payment of money) for which a person or business is legally responsible. : 3  someone or something that causes problems.
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- Agent Otto. Played by: Filip Geijo. A 10-year-old new recruit of the Odd Squad, Otto is fascinated by everything that goes on around him. Being around Olive, his current partner, hasn't changed him—he's still the life of the party, the Pinkie Pie of the Odd Squad.
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liability Definition of liability. plural. liabilities. 1a : the quality or state of being liable was cleared of liability for the accidentb : probability. 2 : something for which one is liable; especially : pecuniary obligation : debt —usually used in plural business assets and liabilities.
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liability (plural liabilities). 1  the condition of being liable. 2  an obligation, debt or responsibility owed to someone. 3  a handicap that holds one back. 4  the likelihood of something happening.
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liability Liability. A comprehensive legal term that describes the condition of being actually or potentially subject to a legal obligation. Joint liability is an obligation for which more than one person is responsible.IABILITY. Responsibility; the state of one who is bound in law and justice to do something which may be enforced by action. This liability may arise from contracts either express or implied, or in consequence of torts committed. 2.
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premises Associated concepts: premises liability. (Hypotheses), noun affirmations, assertions, assumed positions, axioms, bases, foundations, grounds, positions, postulates, principia, terms, theorems, theses See also: apartment, area, building, edifice, land, part, place, property, province, structure. PREMISES. that which is put before.
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Nutrition Information on Jicama Macronutrients and Calories. One cup of jicama, amounting to about 4.6 ounces, contains just 49 calories and virtually no fat. Jicama are mostly carbohydrates--offering 11.47 grams per cup. Jicama is not a significant source of protein, with just 0.94 grams of protein per cup.
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- Event Liability insurance is an insurance policy designed to provide protection for situations in which a vendor or exhibitor must defend itself against lawsuits or pay damages for bodily injury or property damage to third parties.
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- Contingent Liability. A contingent liability is a potential loss that may occur at some point in the future, once various uncertainties have been resolved. This liability is not yet an actual, confirmed obligation.
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What is DEBT? As applied to the pecuniary relations of parties, liability is a term of broader significance than debt. The legal acceptation of debt is a sum of money due by certain and express agreement. Liability is responsibility; the state of one who is bound in law and justice to do something which may be enforced by action.
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What Are Accessory Organs of the Digestive System? Without the aid of the accessory organs of the digestive system, digestion would not occur within the stomach or small intestine. Each organ and gland plays a very specific role in the system. In this way, they are as essential to the process as the main organs where digestion actually takes place.
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- Liability Account. A liability account is a type of accounting statement that itemizes how much the business owes to its creditors, or its debts. The amount owed is for a service or good the business has already received but has not yet paid for.An example of a liability is a debt owed to a vendor.ccounting gives a business a way to keep track of its liabilities and expenses. A liability refers to a financial obligation, or upcoming duty to pay. An expense refers to money spent by the company, or a cost incurred by the company, in an effort to generate revenue for that company.