A term used to describe a person or entity with a substantial amount of financial resources or assets, making them a potential target for litigation due to their perceived ability to pay large settlements or awards.
Professional liability arises when an individual, presenting themselves as an expert in a particular field, is alleged to have committed negligent acts or omissions while rendering their professional service. This form of liability is prevalent among professionals such as physicians, attorneys, and Certified Public Accountants (CPAs).
The statute of limitations is a law that sets the maximum time within which parties involved in a legal dispute must initiate legal proceedings from the date of an alleged offense or claim.
The statute of limitations is a law that sets the maximum time frame within which legal proceedings must be initiated after an alleged offense. After this period, the claim is no longer valid.
