potential liability

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• Liability insurance — is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril , formed a group and created a self help fund out of which to pay compensation should any member incur loss. The modern… …   Wikipedia

• liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …   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 — 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 insurance — noun Any insurance against a potential loss due to the insureds liability for injury or damage to others …   Wiktionary

• contingent liability — see liability 2a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. contingent liability …   Law dictionary

• Consumer Liability — The accountability put on consumers to not act in a negligent way. Consumer liability put on consumers is usually written in the fine print or written contract when transacting with companies. It is a method of companies protecting themselves… …   Investment dictionary

• limitation of liability — Where one person is potentially liable to another as a result of negligence, contractual duties or otherwise, but wishes to limit his exposure for commercial reasons, he can agree with the other person that his potential liability or some element …   Law dictionary

• exclusions of liability — Where one person is potentially liable to another as a result of negligence, contractual duties or otherwise, but wishes to reduce his exposure for commercial reasons, he can agree with the other person that his potential liability or some… …   Law dictionary

• contingent liability — noun : an amount that may or may not be owed dependent on the outcome of a contingency (as a discounted note receivable) * * * a liability dependent upon the occurrence of a particular event, as default by the maker of a guaranteed loan. * * *… …   Useful english dictionary

• contingent liability — A potential liability whose existence and quantification are doubtful. Most systems of *Generally Accepted Accounting Principles require the *disclosure of *material contingent liabilities in financial statements. Contingent liabilities normally… …   Auditor's dictionary