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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]
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 .
Every one is liable to imprisonment for a term not exceeding 7 years who, with intent to obtain any property, service, pecuniary advantage, or valuable consideration,— (a) dishonestly and without claim of right, takes or obtains any document; or (b) dishonestly and without claim of right, uses or attempts to use any document.
A fiduciary will be liable to account if proven to have acquired a profit, benefit or gain from the relationship by one of three means: In circumstances of conflict of duty and interest; [34] In circumstances of conflict of duty to one person and duty to another person; By taking advantage of the fiduciary position. [13]
(1) A person who by any deception dishonestly obtains for himself or another any pecuniary advantage shall on conviction on indictment be liable to imprisonment for a term not exceeding five years. (2) The cases in which a pecuniary advantage within the meaning of this section is to be regarded as obtained for a person are cases where:- (a) . . .
The order held the HOA and residents joint and severally liable, meaning that the defendants’ lawyers could require full collection from each of them.
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.
One who, without a privilege to do so, publishes matter which is untrue and disparaging to another's property in land, chattels or intangible things under such circumstances as would lead a reasonable man to foresee that the conduct of a third person as purchaser or lessee thereof might be determined thereby is liable for pecuniary loss ...