Liability : Liability And Liability

1681 WordsApr 4, 20157 Pages
Liability has to do with the responsibility of one party, group or organization to another. Usually it deals with financial compensation. Liability may not always come from some intentional action or negligence. Sometimes liability can even be a way to keep peace between different parties rather than an injured party taking more serious action. The affixing of liability may have been enacted as a peace keeping intuitive. In law a person can be liable she or he is financially or legally responsible for something. Liability can be covered by insurance and can be imposed jointly. There is some different forms of liability such as vicarious liability which is the responsibility of an employer to compensate for the behavior and actions of a worker or an employee. You have strict liability which is for people who perform certain task such as working in ultra-hazardous types of work like high explosives. In strict liability those engaging in these actions are responsible for injury without the need for inquiry. Under strict liability there is no need to provide proof, negligence or intention. Limited liability is when business owners are legally and financially responsible for nothing more than the amount they have contributed to a particular venture. If a bank or business goes bankrupt an owner who has limited liability they will not lose unrelated assets like a home. Manufactures liability is a legal concept in many nations that shows the fact that producers of a products have a

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