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==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
*Date: [http://www.wikipedia.org/wiki/15th_Century 15th century]
==Definitions==
*1 a : obligated according to law or equity : responsible b : subject to appropriation or attachment
*2 a : being in a position to incur —used with to <liable to a fine> b : exposed or subject to some usually adverse contingency or action <watch out or you're liable to fall>
==Synonyms==
*[[Responsible]]
==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 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.
[[Category: Law]]
==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
*Date: [http://www.wikipedia.org/wiki/15th_Century 15th century]
==Definitions==
*1 a : obligated according to law or equity : responsible b : subject to appropriation or attachment
*2 a : being in a position to incur —used with to <liable to a fine> b : exposed or subject to some usually adverse contingency or action <watch out or you're liable to fall>
==Synonyms==
*[[Responsible]]
==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 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.
[[Category: Law]]
