Definition - What does Liability mean?
Legal liability refers to the responsibility a person or entity owes to another person or entity as a result of the law. Legal liability can result from a myriad of different legal situations such as tort law, contracts, insurance, tax law, etc. Furthermore, legal liability can stem from both criminal and civil law.
Justipedia explains Liability
When a person or entity has a legal obligation to act or omit from acting in a specific manner, and if or when that person or entity breaks its legal obligation then they can be held legally liable. For example, all people who have a job in the United States are required to pay income tax. If a person does not pay their income tax then they will then face all of the legal liability that comes with not paying their taxes.
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