Civil liability refers to negligent acts and/or omissions, other than breach of contract, independent of moral obligations for which a remedy can be provided in a court of law.
Civil liability refers to the legal responsibility one individual has to another as a result of non-criminal actions, such as torts or breaches of contract. It encompasses the obligations and potential legal consequences that may arise in civil court.
In some states, Comparative Negligence is a principle of tort law providing that in the event of an accident, each party's negligence is based on that party's contribution to the accident.
A contingent liability refers to potential financial obligations that a business may incur due to actions of parties other than its own employees, notably when independent contractors are involved.
A principle of law recognizing that injured persons may have contributed to their own injury. This concept can significantly impact the ability to recover damages in personal injury cases.
A deficiency in tax occurs when a taxpayer's correct tax liability exceeds the taxes previously paid for that taxable year. It can be identified during an audit of the taxpayer's return and may lead to penalties.
Direct Liability refers to the legal obligation of an individual or business due to negligent acts or omissions that result in bodily injury or property damage to another party, without any intervening circumstances.
Due care refers to the degree of care that a person of ordinary prudence and reason (a reasonable person) would exercise under given circumstances. It is a standard used in tort law to indicate the level of care or the legal duty one normally owes to others, and negligence is the failure to use due care.
Statutes specifying the extent to which employers shall be liable to make compensation for injuries sustained by their employees in the course of employment.
Incorporation of audit firms involves the formation of a limited company by a partnership to limit its liability against claims for negligence, offering essential protection while maintaining legal compliance under the Companies Act.
Laches is a legal doctrine that provides a defense to parties when long-neglected rights are sought to be enforced against them. It signifies an undue lapse of time in enforcing a right of action, and negligence in failing to act more promptly.
Malpractice insurance provides coverage for professionals against claims of negligence, mistakes, or failure to perform their professional duties, protecting them from potential legal and financial repercussions.
The principle that obligates an injured party to take reasonable actions to reduce the damages caused by another party's breach or tortious conduct.
In law, a tort in which a breach of a duty of care results in damage to the person to whom the duty is owed.
An insurance endorsement that provides liability coverage for an insured who is sued due to the negligent acts or omissions of an independent contractor or subcontractor, resulting in bodily injury and/or property damage to a third party.
Professional Indemnity Insurance (PII) is a type of insurance that provides coverage for professionals and businesses to protect against claims for negligence, errors, and omissions in the service or advice they provide to clients.
Professional Indemnity Insurance (PII) is a form of third-party insurance that covers professionals, such as accountants or auditors, against compensatory claims arising from negligence or defective advice.
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).
Coverage that protects an insured party in the event that their negligent acts or omissions result in damage or destruction to another's property.
A legal standard used to determine the degree of care a reasonably prudent person would exercise in specific circumstances. Often crucial in tort cases, it helps to determine liability in scenarios involving potential negligence.
Latin for 'the thing speaks for itself,' Res Ipsa Loquitur is a rule of evidence in tort law that allows for the presumption of negligence on the part of the defendant derived directly from the very nature of the accident.
Penalties imposed by tax authorities for failing to meet statutory tax requirements, differing for income tax, corporation tax, and value-added tax (VAT).
A tort is a wrongful act or an infringement upon someone's rights that is neither a crime nor a breach of contract, rendering the perpetrator liable to the victim for damages.
