Legal liability is the legal bound obligation to pay debts.[1]
- In law Law is a system of rules, usually enforced through a set of institutions. It shapes politics, economics and society in numerous ways and serves as a primary social mediator of relations between people. Contract law regulates everything from buying a bus ticket to trading on derivatives markets. Property law defines rights and obligations related a person is said to be legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law Civil law, as opposed to criminal law, is the branch of law dealing with disputes between individuals and/or organizations, in which compensation may be awarded to the victim. For instance, if a car crash victim claims damages against the driver for loss or injury sustained in an accident, this will be a civil law case and criminal law The term criminal law, sometimes called penal law, refers to any of various bodies of rules in different jurisdictions whose common characteristic is the potential for unique and often severe impositions as punishment for failure to comply. Criminal punishment, depending on the offense and jurisdiction, may include execution, loss of liberty,. See Strict liability Strict liability makes a person responsible for the damage and loss caused by his/her acts and omissions regardless of culpability (or fault in criminal law terms, which would normally be expressed through a mens rea requirement; see Strict liability ). Strict liability is important in torts (especially product liability), corporations law, and. Under English law English law is the legal system of England and Wales, and is the basis of common law legal systems used in most Commonwealth countriesand the United States . It was exported to Commonwealth countries while the British Empire was established and maintained, and it forms the basis of the jurisprudence of most of those countries. English law prior to, with the passing of the Theft Act 1978 The Theft Act 1978—an Act of the Parliament of the United Kingdom— supplemented the earlier deception offences in British law contained in sections 15 and 16 of the Theft Act 1968 by reforming some aspects of those offences and adding new provisions. Sections 1 and 2 were repealed on 15 January 2007 with the implementation of the Fraud Act 2006, it is an offense to evade a liability dishonestly. Payment of damages In law, damages is an award of money to be paid to, a person as compensation for loss or injury Black's Law Dictionary usually resolved the liability. Vicarious liability Vicarious liability is a form of strict, secondary liability that arises under the common law doctrine of agency – respondeat superior – the responsibility of the superior for the acts of their subordinate, or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of arises under the common law doctrine of agency Agency is an area of commercial law dealing with a contractual or quasi-contractual tripartite, or non-contractual set of relationships when an agent is authorized to act on behalf of another to create a legal relationship with a Third Party. Succinctly, it may be referred to as the relationship between a principal and an agent whereby the – respondeat superior "Respondeat superior" is a legal doctrine which states that, in many circumstances, an employer is responsible for the actions of employees performed within the course of their employment. This rule is also called the "Master-Servant Rule". It is recognized in both common law and civil law jurisdictions. (It is also sometimes – the responsibility of the superior for the acts of their subordinate.
- In commercial law Commercial law is the body of law that governs business and commercial transactions. It is often considered to be a branch of civil law and deals with issues of both private law and public law, limited liability Limited liability is a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability. In other words, if a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors. A shareholder in a 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 Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a " 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 A business is a legally recognized organization designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main.
- 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 Product liability is 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.
References
- ^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 187. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4.
Categories: Legal terms Categories: Legal communication | Terminology | Law | Tort law
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