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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] The value delivered to settle a liability may be in the form of assets transferred or services performed.
An early example of strict liability is the rule Rylands v Fletcher, where it was held that "any person who for his own purposes brings on his lands and collects and keeps there anything likely to do mischief if it escapes, must keep it in at his peril, and, if he does not do so, is prima facie answerable for all the damage which is the natural ...
If, for example, a limited liability business goes bankrupt, then the owner(s) will not lose unrelated assets, such as a personal residence (assuming they do not give personal guarantees). [3] Forms of businesses that offer the limited liability protection include limited liability partnerships, limited liability companies, and corporations.
Example: AnyBank and AnotherBank join as a syndicate to lend to Credit-Hungry Industries, Inc. The agreement provides that each bank is severally liable for its own part of the loan. AnyBank fails to advance its agreed part of the loan: Credit-Hungry can sue only AnyBank, and AnotherBank has no liability.
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
The most common examples of statute liability are in areas where an individual is required by law to effect insurance, e.g. workers' compensation and motor vehicle compulsory third party. Property, hotel and operations managers should become familiar with the various types of contracts involved in commercial and retail activities.
In criminal law, strict liability is liability for which mens rea (Law Latin for "guilty mind") does not have to be proven in relation to one or more elements comprising the actus reus ("guilty act") although intention, recklessness or knowledge may be required in relation to other elements of the offense (Preterintentionally [1] [2] /ultraintentional [3] /versari in re illicita).
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, ... For example, the directors of small companies ...