limitation of responsibility (of liability)

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• limitation of liability — limiˌtation of liaˈbility noun limitations of liability PLURALFORM [countable] LAW when someone is responsible for only part of a debt, loss etc: • In a recent case, it was held that the defendants limitation of liability was unreasonable and… …   Financial and business terms

• liability — 1) In the broad legal sense, responsibility or obligation. For example, a person is liable to pay his debts, under the law; 2) In accounting, any debt owed by an individual or organization. Current, or short term, liabilities are those to be paid …   Financial and business terms

• Liability — A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation. The New York Times Financial Glossary * * * liability li‧a‧bil‧i‧ty [ˌlaɪəˈbɪlti] noun liabilities PLURALFORM …   Financial and business terms

• liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

• liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

• liability — Legal responsibility, either civil or criminal. The condition of being bound in law and justice to pay an indebtedness or discharge some obligation. Feil v Coeur D Alene, 23 Idaho 32, 129 P 643. The state or condition of a person after he has… …   Ballentine's law dictionary

• Limited liability company — This article is about a U.S. specific business entity form. For limited liability companies in the United Kingdom, see Limited company. For a general discussion of entities with limited liability, see Corporation …   Wikipedia

• maritime law — the body of law relating to maritime commerce and navigation, and to maritime matters generally. [1860 65] * * * or admiralty law or admiralty Body of legal rules that governs ships and shipping. One early compilation of maritime regulations is… …   Universalium

• Statute of repose — Civil procedure in the United States Federal Rules of Civil Procedure Doctrines of civil procedure Jurisdiction Subject matter jurisdiction Diversity jurisdiction Personal jurisdiction Removal jurisdiction Venue Change of venue …   Wikipedia

• Marriage — For other uses, see Marriage (disambiguation). Married and Matrimony redirect here. For other uses, see Married (disambiguation) and Matrimony (disambiguation) …   Wikipedia

• Guard rail — Guard rail, sometimes referred to as guide rail, is a system designed to keep people or vehicles from (in most cases unintentionally) straying into dangerous or off limits areas. A handrail is less restrictive than a guard rail and provides both… …   Wikipedia