Statutory Liability

Definition

  • When an entity can be found liable for an action because of a law that is not open for interpretation.

Synonyms
accountability, law-enforced liability, corporate responsibility, regulatory liability

Related Terms and Acronyms

  • Causation Definition,
    • A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
  • Common Law (CL) Acronym, Very Important,
    • Traditional, unwritten law based on English custom.
    Laws developed by judges through court decisions and precedent.
  • Comparative Negligence Definition,
    • The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
  • Contingent Liability Definition,
    • A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
  • Contributory Negligence Definition,
    • A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Loss Reserve Definition,
    • A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
  • Statute Definition,
    • A law established by an act of the legislature.
  • Statute of Limitations (SOL) Acronym,
    • A period of time specified by statute within which an action at law must be brought or else be forfeited.
  • Tort Definition,
    • An act that causes harm or loss.
  • Tort Law Definition,
    • Civil law or the laws that govern civil lawsuits.
  • Tortfeasor Definition,
    • A party who commits a tort (a civil wrong).
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