Juridical Dictionary

This dictionary contains:
8526
juridical terms

Liability




Liability

A person or organization's extent of responsibility for a loss. An item of value that is part of the overall debt or obligation of a person or business.

RELATED TERMS
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Person
This word is applied to men, women and children, who are called natural persons.

Responsibility
The obligation to answer for an act done, and to repair any injury it may have caused

Item
1) Also; likewise; in like manner; again; a second time. 2) In law it is to be construed conjunctively, in the sense. of and, or also, in such a manner as to connect sentences.

Value
Common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange.

Debt
Whatever one owes. A sum of money due by certain and express agreement.

Obligation
In its general and most extensive sense, obligation is synony- mous with duty. In a more technical meaning, it is a tie which binds us to pay or to do something agreeably to the laws and customs of the country in which the obligation is made.



SIMILAR TERMS
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Liability policy
As opposed to an indemnity policy, the liability policy covers the insured against his responsibility and does not require that he have first paid the claim.

Liability.
Responsibility; the state of one who is bound in law and justice to do sometbing which may be enforced by action. This liability may arise from contracts either express or implied, or in consequence of torts committed.

Liable
Legally responsible.



PREVIOUS AND NEXT TERMS
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Lawsuit loan
A loan obtained from a bank or other lender in order to pay for legal expenses derived from court litigation.

Lawsuit funding
Financial strategy to provide the necessary funds for a given legal action.

Lawsuit financing
Financial strategy to provide the necessary funds for a given legal action.

Lawsuit cash advance
A financial agreement by which a lender advances cash to a person and will be repaid when the litigation is over and he or she has obtained the seeked redress or economic compensation.

Lawsuit settlement
Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

Liability

Legal assistance
Assistance on juridical issues that a lawyer usually conducts with his clients, persons which are not familiarized with legal aspects and terms.

Living will
A legal document in which a person states, in advance of final illness or injury, her or hir wishes regarding procedures and equipment designed to extend life or not.

Last will and testament
A legal document in which an individual states a disposition of his / her real and personal property. This is to take effect after his / her death, and which can be revocable by the person while is living; the individual is called a testator.

Legal will
A legal document in which a person states his will on how to use his belongings after he will pass away. The legal will, normally, includes real estate, personal objects and wishes dispositions written down by the deceased during his lifetime.

Levenson, Leonard
New York lawyer.

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This dictionary contains 8526 terms.







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