liability (noun)
61limitation of liability — limiˌtation of liaˈbility noun limitations of liability PLURALFORM [countable] LAW when someone is responsible for only part of a debt, loss etc: • In a recent case, it was held that the defendants limitation of liability was unreasonable and… …
62Unlimited liability — Full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability. The New York Times Financial Glossary * * * unlimited liability unlimited liability ➔ liability * * * Where no …
63unlimited liability — Full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability. Bloomberg Financial Dictionary When a promoter is fully liable for the debts of the business, it is called… …
64limited liability — Limitation of loss to what has already been invested. Bloomberg Financial Dictionary See equity shares. Dresdner Kleinwort Wasserstein financial glossary When the liability of the shareholders is limited to the nominal value of their shares, it… …
65tax liability — The amount in taxes a taxpayer to the government. Bloomberg Financial Dictionary Supplies may be standard rated, zero rated, reduced rate or exempt. This is their VAT liability. If supplies are neither zero rated nor exempt, they must be liable… …
66product liability — ➔ liability * * * product liability UK US noun [U] LAW ► the area of law that deals with a company s responsibility when a customer is injured or harmed by a product: a product liability case/claim/suit »Product liability suits have dramatically… …
67Limited liability — Limitation of possible loss to what has already been invested. The New York Times Financial Glossary * * * limited liability limited liability ➔ liability * * * A restriction of the owners loss in a business to the amount of capital they have… …
68joint and several liability — ➔ liability * * * joint and several liability UK US noun [U] ► LAW a situation where each of the people or organizations in a group is responsible, as a group and separately, for paying a debt, paying for damage that has been caused, etc.: »The… …
69criminal liability — ➔ liability * * * criminal liability UK US noun [U] LAW ► responsibility for any illegal behaviour that causes harm or damage to someone or something: »He acknowledged damaging a house without authorization, but a jury acquitted him of any… …
70strict liability — ➔ liability * * * strict liability UK US noun [U] LAW ► the legal responsibility of a company for damage or injury caused by its products or services, even though it did not intend to cause the damage or injury: »The Consumer Protection Act… …
