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limitation 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

  • 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

  • limitation of liability — A limitation upon a liability otherwise contracted or assumed by entering into a particular relationship, the most common of which is found in contracts of bailment, limiting the liability of the bailee, 8 Am J2d Bailm § 132, such as a carrier,… …   Ballentine's law dictionary

  • limitation — lim·i·ta·tion n 1 a: restriction a limitation on the rights of ownership b: a statement or stipulation in a deed or will placing limits on the disposition of an estate or interest esp. in regard to duration or heirs see also word …   Law dictionary

  • limitation — Restriction or circumspection; settling an estate or property. A certain time allowed by a statute for bringing litigation (see statute of limitations, below). The provisions of state constitution are not a grant but a limitation of legislative… …   Black's law dictionary

  • limitation — Restriction or circumspection; settling an estate or property. A certain time allowed by a statute for bringing litigation (see statute of limitations, below). The provisions of state constitution are not a grant but a limitation of legislative… …   Black's law dictionary

  • 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 — 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 — 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

  • limitation — /ˌlɪmɪ teɪʃ(ə)n/ noun the act of allowing only a specific quantity of something ● The contract imposes limitations on the number of cars which can be imported. ♦ limitation of liability the fact of making someone liable for only a part of the… …   Marketing dictionary in english


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