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liability agreement

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1) "Liability" -- As to liability agreement liˇaˇbilˇiˇty Pronunciation: "lI-&-'bi-l&-tE Function: noun Inflected Form(s): plural -ties 1 a : the quality or state of being liable b : PROBABILITY 2 : something for which one is liable; especially : pecuniary obligation : DEBT -- usually used in plural 3 : one that acts as a disadvantage : DRAWBACK Pronunciation Symbols In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. 1 Financial accounting 1.1 Classification of liabilities 2 In law 3 Bank account example 4 See also In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Liabilities have three essential characteristics: They embody a duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services or other yielding of economic benefits, at a specified or determinable date, on occurrence of a specified event, or on demand; The duty or responsibility obligates the entity leaving it little or no discretion to avoid it; and, The transaction or event obligating the entity has already occurred. Liabilities in financial accounting need not be legally enforceable; but can be based on equitable obligations or constructive obligations. An equitable obligation is a duty based on ethical or moral considerations. A constructive obligation is an obligation that can be inferred from a set of facts in a particular situation as opposed to a contractually based obligation. The accounting equation relates assets, liabilities, and owner's equity: The accounting equation is the mathematical structure of the balance sheet. The Australian Accounting Research Foundation [1] defines liabilities as future sacrifice of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions and other past events. Probably the most accepted accounting definition..." 2) "Agreement" -- As to liability agreement agreeˇment Pronunciation: &-'grE-m&nt Function: noun 1 a : the act or fact of agreeing b : harmony of opinion, action, or character : CONCORD 2 a : an arrangement as to a course of action b : COMPACT, TREATY 3 a : a contract duly executed and legally binding b : the language or instrument embodying such a contract Pronunciation Symbols Agreement may refer to: Agreement (linguistics), cross-reference between parts of a phrase Gentlemen's agreement, not enforceable by law Contract, enforceable in a court of law Pact Consensus Double agreement (miscommunication), when one person 'agrees' (as in 'a pact') with another person's agreement; a confusing and rare occurrence. ..." 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