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- In law a person is said to be legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law and criminal law. See Strict liability. Under English law, with the passing of the Theft Act 1978, it is an offense to evade a liability dishonestly. Payment of damages usually resolved the liability. Vicarious liability arises under the common law doctrine of agency – respondeat superior – the responsibility of the superior for the acts of their subordinate.
- In commercial law, limited liability is a form of business ownership in which business owners are legally responsible for no more than the amount that they have contributed to a venture. If for example, a business goes bankrupt an owner with limited liability will not lose unrelated assets such as a personal residence (assuming they do not give personal guarantees). This is the standard model for larger businesses, in which a shareholder will only lose the amount invested (in the form of stock value decreasing). For an explanation see business entity.
- Manufacturer's liability is a legal concept in most countries that reflects the fact that producers have a responsibility not to sell a defective product. See product liability. Read full entry
This entry is from Wikipedia,the leading user-contributed encyclopedia.It may not have been reviewed by professional editors(See full disclaimer)
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- 1.Liability - Wikipedia, the free encyclopedia
- 2 Legal liability. 3 See also. 4 References. 5 External links ... Manufacturer's liability is a legal concept in most countries that reflects the ...
- http://en.wikipedia.org/wiki/L
iability
- 2.Legal liability - Wikipedia, the free encyclopedia
- Legal liability concerns both civil law and criminal law. See Strict liability. ... Manufacturer's liability is a legal concept in most countries that reflects the ...
- http://en.wikipedia.org/wiki/L
egal_liability
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What is the legal liability I would like to find out if
there is any legal liability
for Physicians or clinical
staff if an x ray is done on a
pregnant woman w/o consent.
The woman does not know the
possibilities of harming the
unborn child if a x ray is
done. Thank you!
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They aren't liable. They ask every time you have an x ray. If she didn't tell them then that is her problem. No way they can be liable. |
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In financial accounting is a I know that a legal liability
is not necessarily a reported
liability. But is a reported
liability necessarily a legal
liability? and why? and
examples :) thanks
legal liabilities don't have
to be reported if its not
probable you will have to
pay...
your answer makes sense though
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No, a reported liability is not necessarily a legal liability. All discretionary payouts are not legal, e.g. a boss may decide to give 3 months' bonus this year because of exceptionally good profits, and the amount may be reported as accrued staff benefits, but it's not a legal liab. in the sense that the staff can't take him to court if he doesn't pay 3 mths' bonus. |
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legal liability?
My business law professor used
to say, "Neither officer,
director, nor major
shareholder shall I be." I
recall officers, board of
directors and major
shareholders can be held
personally liable for their
actions in a corporation. Any
truth to that?
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Well, if your Law Professor said it, there's a good chance it's true. |
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