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What are liabilities?
Liabilities are debts that a business owes.This is a term used in accounting to refer to legally bindingobligations that are payable to another person or entity (usuallylender…s and suppliers). (MORE)
Results for: Liability
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Does a release of liability limit your liability?
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Yes, a "release" can be used as a complete defense to liability if the person signing the release decides to sue later.
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What is liability exposure?
Liability exposure is when a company or a person is open to beingsued. Typically, they are negligent and cause harm, which makes theexposed to a lawsuit.
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What is a liability?
A liability is an obligation, money owed or perhaps a burden. A company or organisation has the liability to pay to outsiders such as creditors, accounts payable, long term lo…ans, etc. In a liability, a person has a legal responsibility for their actions. Liabilities means a debt or the amount due from a business to others or the amount owned by a business to others party. Ex: laws borrowed, bills payable etc. (MORE)
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Tortious liabilities and contractual liabilities?
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A tortious liability is related to the duty of care, and negligence of that duty, with respect to persons with whom there is no contractual liability. For exampl…e, if a person fails to maintain his property and part of his property falls off and injures another person, the property owner is liable for the damages to that person, even though it may be a passerby with whom there are no contractual obligations. A contractual liability is created when two or more parties promise certain things to each other. A person may engage someone to clean their house in exchange for an agreed amount of money. If either party defaults on the agreement, that is breach of contract and legal remedies are available to the 'injured' party. The law of tort covers many matters of life, and the law of contract is similarly extensive. For more information, see Related links below this box. (MORE)
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What is liabilities and types of liabilities and there examples?
Liabilities are money or moneys owed to another individual or company by another. There are two main liability categories, Current Liabilities and Long-Term Liabilities. Cu…rrent Liabilities are liabilities that will be paid for in a short amount of time, 12 months or less. Long-Term Liabilities are liabilities that will take longer than 12 months to pay off. Two good examples of these are Equipment that a company purchases on account and will pay off in less than six months and large equipment or assets such as land, equipment, buildings, etc, that will take much longer than six months to pay off. Two further examples may be A POS (point of sale) computer that cost $3,000. The company may choose to pay this equipment off in 6 months from purchase date, this is considered a Current Liability since the payment of this debt will be paid in less than 12 months. I purchase a building/land to open my business for say $500,000, this is a huge amount and it is unlikely (unless I'm really RICH) that I would pay this off in 6 months or less, therefore I will take a mortgage out on the building/land. The building/land is an asset for my company yes, however the mortgage payment, which will probably be 10 years or so, is a liability and is considered Long-Term. (MORE)
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What is an accured liability?
A liability that arises because an expense happens in a time span former to the associated money payment.
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Liability of company is not liability of director?
Not usually no. But it depends on the prior actions of the director. If there is some negligence, unprofessional or illegal activity on the part of a director in relation t…o the liability, then there could be directors liability. (MORE)
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Strict liability and tortuous liability?
Strict liability is a form of civil liability, similar to negligence. The main difference between strict liability and tortious liability is that you can be held liable for an…y harm resulting from certain activities without any fault, simply because the activity falls within the classification of strict liability. Most states have adopted strict liability in some form, and activities that qualify fall into two general categories. (MORE)
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Is contingent liability is a current liability?
Contingent Liability is a current liability in most cases, but there is possibility for non-current contingent liability as well.