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In law, liable means "responsible or answerable in law; legally obligated". [1] Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability.
If parties have joint liability, each of them is liable up to the full amount of the relevant obligation. Example: Alex and Bobbie are married. Together they take a loan from a bank and the loan agreement specifies that they are to be jointly liable for the full amount. Alex moves overseas and ceases to make payments.
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 deliver in the future to satisfy a present obligation arising from past events. [1] The value delivered to settle a liability may be in the form of assets transferred or services performed.
The liability of the guarantor is secondary. [ 14 ] The Appeal Court observed in 1973 that the determination of whether a document is a guarantee or an indemnity, or whether it imposes a secondary or a primary liability, will always depend upon "the true construction of the actual words in which the promise is expressed".
B.L. Babel (2009). " Apkritya Vidhi (Law of Torts in Hindi)अपक्रत्य विद्यि " . ISBN 978-8-1701-2185-5. Tort Liability for Environment Claims in India : A Comparative View ( 1st ) Author Name: Charu Sharma ISBN 9788131250693
Legal liability, in both civil and criminal law . Public liability, part of the law of tort which focuses on civil wrongs; Product liability, the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause
By contrast, the civil law of German-speaking countries does not differentiate between delict (Delikt) and quasi-delict (Quasidelikt) as do French and Roman law.Under German Deliktsrecht, or ‘law of delict’, claims for damages can arise from either fault-based liability (Verschuldenshaftung), i.e. with intention or through negligence (Fahrlässigkeit), or strict liability ...
The legal liability of a defendant to a plaintiff is based on the defendant's failure to fulfil a responsibility, recognised by law, of which the plaintiff is the intended beneficiary. The first step in determining the existence of a legally recognised responsibility is the concept of an obligation or duty.