The term "statutory liability" refers to a legal obligation that is imposed on an individual or organization by a law or statute. This type of liability is typically incurred in the course of business operations, and can arise from either intentional or unintentional actions.
Statutory liability can be divided into two broad categories: civil liability and criminal liability. Civil liability is typically imposed in cases where an individual or organization has caused harm to another party through negligence or carelessness. In contrast, criminal liability is imposed in cases where an individual or organization has committed a crime, such as fraud or theft.
Statutory liability can have a number of different consequences, depending on the nature of the legal obligation involved. In some cases, an individual or organization may be required to pay damages to the party that was harmed as a result of their actions. In other cases, an individual or organization may be subject to criminal penalties, such as a fine or imprisonment.
The term "statutory liability" is often used in the context of insurance. Many insurance policies provide coverage for damages that an insured party may be legally obligated to pay as a result of their actions. This type of coverage is typically referred to as "statutory liability insurance."
What is a statutory cause of action?
A statutory cause of action is a legal claim that is created by a statute, rather than by the common law. Common law is the body of law that is created by judges, rather than by legislatures. Statutory causes of action are therefore claims that are created by statutes, rather than by the common law.
Statutory causes of action may be created by federal or state statutes. Federal statutory causes of action are created by federal laws, such as the Civil Rights Act of 1964. State statutory causes of action are created by state laws, such as the New York State Human Rights Law.
Statutory causes of action may be created for a variety of purposes. For example, a statutory cause of action may be created to protect a particular class of people from discrimination. Or a statutory cause of action may be created to provide a remedy for a particular type of injury.
Statutory causes of action are different from common law causes of action in a number of ways. First, common law causes of action are typically created by judges, while statutory causes of action are created by legislatures. Second, common law causes of action are typically based on the principles of common law, while statutory causes of action are typically based on statutory law. Finally, common law causes of action typically provide for damages, while statutory causes of action may also provide for other remedies, such as injunctions.
What is the statutory basis of accounting?
The statutory basis of accounting is the set of rules and regulations that govern financial reporting. These rules and regulations are set by various government agencies, including the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB).
What is the difference between actual and statutory damages? Actual damages are those that are incurred as a direct result of the actions of another party. Statutory damages, on the other hand, are those that are provided for by law and are not necessarily tied to any actual damages that may have been incurred.
What is the meaning of liability in accounts? Liability in accounting refers to a company's financial obligations. This includes money that the company owes to creditors, suppliers, employees, and others. Liabilities are important because they represent the money that a company needs to pay back in the future. They are also a key factor in determining a company's solvency.
What is a statutory tort? A statutory tort is a civil wrong that is created by a statute. Statutory torts are created to protect people from harm that is caused by the negligence of others. The most common statutory tort is negligence. Negligence is the failure to take reasonable care to avoid causing harm to another person.