liable (2024)

To be liable in a legal sense simply means to be held legally responsible or obligated. For example, a defendant in a civil torts case may be liable to pay damages to the plaintiff if the court rules in favor of the plaintiff.

[Last updated in June of 2023 by the Wex Definitions Team]

See Also
Understanding Good Vs Bad Liabilities – 1 Finance Blog
See Also
Total Liabilities: Definition, Types, and How To CalculateWhat are assets and liabilities?Liabilities - What are liabilities? | SumUp InvoicesDoes a debit to a liability account increase or decrease the balance? - Universal CPA Review
liable (2024)
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