Statutory Liability

Definition

• When an entity can be found liable for an action because of a law that is not open for interpretation.

Synonyms
corporate responsibility, regulatory liability, law-enforced liability, accountability

Related Terms and Acronyms

• Causation — Definition,
  • A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
• Common Law (CL) — Acronym, Very Important,
  • Traditional, unwritten law based on English custom.
  ➥ Laws developed by judges through court decisions and precedent.
• Comparative Negligence — Definition,
  • The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
• Contingent Liability — Definition,
  • A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
• Contributory Negligence — Definition,
  • A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
• Liability — Definition,
  • A situation where one party is found to be legally responsible for something.
• Loss Reserve — Definition,
  • A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
• Statute — Definition,
  • A law established by an act of the legislature.
• Statute of Limitations (SOL) — Acronym,
  • A period of time specified by statute within which an action at law must be brought or else be forfeited.
• Tort — Definition,
  • An act that causes harm or loss.
• Tort Law — Definition,
  • Civil law or the laws that govern civil lawsuits.
• Tortfeasor — Definition,
  • A party who commits a tort (a civil wrong).