LIABILITY (JURISPRUDENCE)

Authors

  • Kashyap S

Keywords:

LIABILITY, JURISPRUDENCE

Abstract

A comprehensive legal term describes the condition of being actually or potentially subject to algal obligation. Joint liability is an obligation for which more than one person is responsible.
Joint & several liabilities refer to the status of those who are responsible together as one unit as well as individually for their conduct. The person who has been harmed can institute a lawsuit & recover from any or all of the wrongdoers but cannot receive double compensation, for instance, the full amount of recovery from each of two wrongdoers.
Primary liability is an obligation for which a person is directly responsible; it is distinguished from secondary liability which is the responsibility of another if the party directly responsible fails or refuses to satisfy his or her obligation.

References

Pinson, Linda. Keeping the Books: Basic Record Keeping & Accounting for the Successful Small Business. Kaplan Business, 1 February 2004.

Stimpson, Jeff. "Small-Business Accounting Programs: Profiting by helping users is a valuable revenue source, well supported by the software suppliers." The Practical Accountant. March 2006.

Wirken, Jim. "Commentary: Accounts Payable: Keeping track is staying on track." Daily Record. 7 September 2005.

Wirken, Jim. "Commentary: Keep an eye on your firm's operating expenses." Daily Record. 26 October 2005.

Downloads

Published

2017-12-30

How to Cite

Kashyap, S. (2017). LIABILITY (JURISPRUDENCE). Innovative Research Thoughts, 3(9), 14–17. Retrieved from https://irt.shodhsagar.com/index.php/j/article/view/217