Liability: Legal responsibility for one’s actions or inactions.
Related Terms
Liability Insurance: Insurance coverage that protects you financially if you are at fault for an accident. This includes bodily injury liability insurance and property damage liability coverage.
Joint and Several Liability: Legal doctrine where each party is individually liable for the entire judgment awarded in a lawsuit, even if that person/party was only partially to blame for the harm caused.
Product Liability: The legal liability of a manufacturer or trader for producing or selling a faulty product.
Vicarious Liability: When one person is legally responsible (liable) for the actions of another, typically in cases where an employer is held accountable for an employee’s role in an accident.
