Payment Liability
/ˈpeɪmənt laɪəˈbɪləti/
Definitions
- (n.) The legal obligation of a party to pay a specified sum to another party under the terms of a contract or law.
The debtor assumed payment liability for the outstanding loan amount.
Forms
- payment liability
Related terms
See also
Commentary
Payment liability typically arises from contractual agreements or statutory duties, defining who must pay and under what conditions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.