Changes

==Etymology==

==Etymology==

[http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English] lyable, from Anglo-French *liable,  from lier to bind, from [[Latin]] ligare  

[https://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English] lyable, from Anglo-French *liable,  from lier to bind, from [[Latin]] ligare  

*Date: [http://www.wikipedia.org/wiki/15th_Century 15th century]

*Date: [https://www.wikipedia.org/wiki/15th_Century 15th century]

==Definitions==

==Definitions==

*1 a : obligated according to law or equity : responsible b : subject to appropriation or attachment

*1 a : obligated according to law or equity : responsible b : subject to appropriation or attachment

*[[Responsible]]

*[[Responsible]]

==Description==

==Description==

* ''In [[law]]'' a [[person]] is said to be [[legally]] '''liable''' when they are [[financially]] and [[legally]] [[responsible]] for something. Legal liability concerns both [http://en.wikipedia.org/wiki/Civil_law_(common_law) civil law] and [http://en.wikipedia.org/wiki/Criminal_law criminal law]. Under [http://en.wikipedia.org/wiki/English_law English law], with the passing of the [http://en.wikipedia.org/wiki/Theft_Act_1978 Theft Act 1978], it is an offense to evade a liability dishonestly. Payment of damages usually resolved the liability. Vicarious liability arises under the common law doctrine of agency – respondeat superior – the [[responsibility]] of the superior for the [[acts]] of their subordinate.

* ''In [[law]]'' a [[person]] is said to be [[legally]] '''liable''' when they are [[financially]] and [[legally]] [[responsible]] for something. Legal liability concerns both [https://en.wikipedia.org/wiki/Civil_law_(common_law) civil law] and [https://en.wikipedia.org/wiki/Criminal_law criminal law]. Under [https://en.wikipedia.org/wiki/English_law English law], with the passing of the [https://en.wikipedia.org/wiki/Theft_Act_1978 Theft Act 1978], it is an offense to evade a liability dishonestly. Payment of damages usually resolved the liability. Vicarious liability arises under the common law doctrine of agency – respondeat superior – the [[responsibility]] of the superior for the [[acts]] of their subordinate.

* ''In commercial law'', limited liability is a form of [[business]] ownership in which business owners are [[legally]] [[responsible]] for no more than the amount that they have [[contributed]] to a venture. If for example, a business goes bankrupt an owner with limited liability will not lose unrelated [[assets]] such as a [[personal]] [[residence]] (assuming they do not give [[personal]] guarantees). This is the [[standard]] model for larger businesses, in which a shareholder will only lose the amount invested (in the [[form]] of stock value decreasing).

* ''In commercial law'', limited liability is a form of [[business]] ownership in which business owners are [[legally]] [[responsible]] for no more than the amount that they have [[contributed]] to a venture. If for example, a business goes bankrupt an owner with limited liability will not lose unrelated [[assets]] such as a [[personal]] [[residence]] (assuming they do not give [[personal]] guarantees). This is the [[standard]] model for larger businesses, in which a shareholder will only lose the amount invested (in the [[form]] of stock value decreasing).

* ''Manufacturer's liability'' is a [[legal]] [[concept]] in most countries that [[reflects]] the [[fact]] that producers have a [[responsibility]] not to sell a defective product.  

* ''Manufacturer's liability'' is a [[legal]] [[concept]] in most countries that [[reflects]] the [[fact]] that producers have a [[responsibility]] not to sell a defective product.  

[[Category: Law]]

[[Category: Law]]