Encyclopedia > Liability

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Liable (from liability) is a legal term used to describe situations in which a person is liable, for, say, damage to property and is therefore responsible to pay compensation for any damage incurred, liability may be civil or criminal.

Liable is often used in a business sense, i.e. limited liability: only having to pay for what you invested if a business goes bankrupt for explanation of this sense see business entity.

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TLAs from EAA to HZZ

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