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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.
The concept of strict liability is also found in criminal law. Strict liability often applies to vehicular traffic offenses: in a speeding case, for example, whether the defendant knew that the posted speed limit was being exceeded is irrelevant; the prosecutor need only prove that the defendant was driving the vehicle in excess of the posted ...
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
Absolute liability is a standard of legal liability found in tort and criminal law of various legal jurisdictions. To be convicted of an ordinary crime, in certain jurisdictions, a person must not only have committed a criminal action but also have had a deliberate intention or guilty mind ( mens rea ).
Assets must be growing and available to meet the payment of a firm’s liabilities. For example, look at a business that administers pensions. The pension deposits must correspond appropriately to ...
Examples of types of liabilities include: money owing on a loan, money owing on a mortgage, or an IOU. Liabilities of sectors of USA economy, 1945-2017, based on flow of funds statistics of the Federal Reserve System. Liabilities are debts and obligations of the business they represent as creditor's claim on business assets.
In 2022, Gov. Gavin Newsom signed Senate Bill 1107, also known as the Protect California Drivers Act, into law which increases the minimum auto liability limits.