Liability

Liability – within the sphere of Contracts & Obligations Law, this term refers to any legal obligation, either due now or later – at some time in the future. It could be a debt or a promise to perform a certain legal activity, as stipulated in a contract, for example. To say a person is “liable” for a debt or wrongful act is to indicate that they are the person responsible for paying the debt or compensating the wrongful act.

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