Primary Liability - Law Dictionary Search Results
Home Dictionary Name: primary liabilityprimary liability
primary liability see liability ...
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...
Guarantee
Guarantee, he to whom a guaranty is made; also, and more commonly, the guaranty itself. See GUARANTY.The assurance that a contract or legal act will be duly carried out; Something given or existing as security, such as to fulfill a further engagement or a condition subsequent, Black's Law Dictionary, 7th Edn., p. 711.Company limited by. See COMPANIES.Guarantee includes any obligation undertaken before the commencement of this Constitution to make payments in the event of the profits of an undertaking falling short of a specified amount. [Constitution of India, Art. 366(13)]Guarantee, is in collateral engagement to answer for the debt, default, or miscarriage of another person, a promise to another as debtor to secure the payment of a debt payable to him, Stroud's Judicial Dictionary, Vol. 2, p. 1111.Includes any obligation undertaken before the com-mencement of the constitution to make payments in the event of the profits of an undertaking falling short of a specified amount, Constitut...
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...
Prim' or primari' preces
Prim' or primari' preces. See PRECES PRIMARI'....
comprehensive general liability insurance
comprehensive general liability insurance : liability insurance for a business that usually covers losses from products liability, premises liability, and some liabilities that the insured assumes under a contract (as a lease) ...
Contingent liability
Contingent liability, as a liability which, by reason of something done by the person bound, will necessarily arise or come into being if one or more of certain events occur or do not occur, Glenister v. Rowe (CA), (1999) 3 WLR 716.Contingent liability, must arise out of an existing or underlying liability, no such liability can exist simply by reason of a claim for costs made in a writ, summons, application or notice of appeal to the judge or to the Court of Appeal, Glenister v. Rowe (CA), (2000) Ch LR 76....
Demand liabilities
Demand liabilities, means liabilities which must be met on demand, and 'time liabilities' means liabilities which are not demand liabilities. [Bank-ing Regulation Act, 1949 (10 of 1949), s. 5 (f)]...
bodily injury liability
bodily injury liability Insurance coverage that applies when you are legally liable for injuring other people in an auto accident. Bodily injury liability provides payments to those injured individuals and pays your legal defense costs as well. Such coverage can be combined with property damage liability, as it often is, and be called "liability insurance." ...
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