What does it mean if someone is liable?

What does it mean if someone is liable?

Definition of liable 1a : obligated according to law or equity (see equity sense 3) : responsible liable for the debts incurred by his wife. b : subject to appropriation or attachment All his property is liable to pay his debts. 2a : being in a position to incur —used with to liable to a fine.

Which word best defines liabilities?

liabilities, ... moneys owed; debts or pecuniary obligations (opposed to assets). Accounting.

What does it mean to be held liable for something?

legally responsible for causing damage or injury, so that you have to pay something or be punished. If something goes wrong, you'll be liable. liable for: The hospital was held liable for negligence.

What's the difference between libel and liable?

Libel is related to defamation, generally referring to statements made about someone without just cause and exposing them to public contempt. Liable, on the other hand, is an adjective referring to the person legally responsible for something, such as a debt that is owed.

Are all liabilities debt?

Therefore, it can be said that all debts come under liabilities, but all liabilities do not come under debts. The debt of a company exists in the form of money. When a company borrows money from a bank or its investors, this money borrowed is considered to be debt for the company.

What are the three main characteristics of liabilities?

A liability has three essential characteristics: (a) it embodies a present duty or responsibility to one or more other entities that entails settlement by probable future transfer or use of assets at a specified or determinable date, on occurrence of a specified event, or on demand, (b) the duty or responsibility ...

What is not liable?

Adjective. Protected or exempt, especially from an obligation or the effects of something. immune. resistant. unsusceptible.

What does not liable mean in court?

Failure of a person or entity to meet that responsibility leaves him/her/it open to a lawsuit for any resulting damages or a court order to perform (as in a breach of contract or violation of statute).

Is a text message libel or slander?

If someone defames another person via text messaging, is it considered libel or slander? - Quora. Libel is written; slander is spoken. Therefore it's considered libel.

Are liabilities bad?

Liabilities (money owing) isn't necessarily bad. Some loans are acquired to purchase new assets, like tools or vehicles that help a small business operate and grow. But too much liability can hurt a small business financially. Owners should track their debt-to-equity ratio and debt-to-asset ratios.