Solidary Liability - Law Dictionary Search Results
Home Dictionary Name: solidary liabilitysolidary liability
solidary 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...
obligation
obligation 1 : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment) ;also : the binding power of such an agreement or indication [held that the amendment did not unconstitutionally impair the s of contracts "Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994)"] 2 : a debt security (as a corporate or government bond) see also collateralized mortgage obligation 3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment to pay a particular amount of money [does not create a debt, liability, or other , legal or moral "State v. Florida Dev. Fin. Corp., 650 So. 2d 14 (1995)"] ;also : an amount owed in such a commitment b : a duty arising from law, contract, or morality [had a legal as an employer] [a contractual ] 4 in the civil law of Louisiana : a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party see also contract, offense, quasi-offen...
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