Liability Incurred - Law Dictionary Search Results
Home Dictionary Name: liability incurredLiability incurred
Liability incurred, the words 'liability incurred' are very general and comprehensive and ordinarily take in both civil and criminal liability, Kapor Chand Pokhraj v. State of Bombay, AIR 1958 SC 993 (995): 1959 SCR 250. [Bombay Sales Tax Act, (3 of 1953), s. 48(2)(1)]...
Debts and liabilities
Debts and liabilities, incurred under contracts enter into by him in s. 19(5) as a matter of construction, legal expenses property incurred by an administrator in connection, with his role as administrator fell with in s. 19(5), A Company (Ch. D.) (in re:), (2000) 1 WLR 502....
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
Indemnity
Indemnity, a contract, express or implied, to keep a person harmless from loss which that person may incur by reason of some act, omission or event. It differs from a guarantee which requires a writing under s. 4 of the Statute of Frauds in that the latter guarantee contemplates the primary liability of a third person. as pointed out by Anson on Contracts, a form of indemnity may be illustrated by 'If you will supply goods to A. I will see you paid.' A guarantee, if 'A. does not pay you, I will.' There is, as a rule, a right of subrogation to all the remedies available to the person indemnified under an indemnity available to a person indemnifying-a guarantor has the right of subrogation as well as a right of recourse against the person guaranteed unless otherwise agreed. A great number of indem-nities are implied at Common Law or statute, and the contract extends to all the loss suffered and is not limited in amount as a contract to pay a sum of money is limited. As to implied indemni...
Any Liability
Any Liability, the words 'any liability' in sub-s. (7) of the said s. 3 are of wide amplitude to cover every liability that was incurred by the textile company in relation to the textile undertaking before the appointed day, Rashtriya Mill Mazdoor Sangh v. National Textile Corp (South Maharashtra) Ltd, (1996) 1 SCC 313 (321). [Textile Undertaking (Take over of Management) Act, 1983, s. 3(7)]...
Current liabilities
Current liabilities, means liabilities which must be met on demand or within a period of twelve months from the date they are incurred; and includes any current liability which is suspended under s. 18FB. [Industries (Development and Regulation) Act, 1951 (65 of 1951), s. 3 (ac)]...
Liability of agent signing
Liability of agent signing, an agent who signs his name to a promissory note, bill of exchange or cheque without indicating thereon that he signs as agent, or that he does not intend thereby to incur personal responsibility, is liable personally on the instrument, except to those who induced him to sign upon the belief that the principal only would be held liable. (Negotiable Instruments Act, 1881 (26 of 1881), s. 28)...
Things done, action taken and right accrued
Things done, action taken and right accrued, what is unaffected by the repeal of a statute is a right acquired or accrued under it and not a mere 'hope or expectation of'. It must be mentioned that the object of s. 31(2)(i) is to preserve only the things done and action taken under the repealed Ordinance, and not the rights and privileges acquired and accrued on the one side, and the corresponding obligation or liability incurred on the other side, so that if no rights acquired under the repealed ordinance was preserved, there is no question of any liability being enforced, M.S. Shivananda v. Karnataka State Road Transport Corporation, AIR 1980 SC 77 (81): (1980) 1 SCC 149: (1980) 1 SCR 684...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
Incurableness
The state of being incurable incurability...
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