Legal Definition of Liability

What is the legal definition of Liability? In the legal context, Liability means Legal responsibility; the obligation to do or not to do something; an obligation to pay a debt; the responsibility to behave in a certain manner.        

Legal Definition of Mandatory

What is the legal definition of Mandatory? In the legal context, Mandatory means Compulsory; something one must do; not a matter to be acted upon only if one wishes to; obligatory.        

Legal Definition of Heir

What is the legal definition of Heir? In the legal context, Heir means A person who inherits money or property, or who will naturally inherit property if someone dies without making a will.        

Legal Definition of As between

What is the legal definition of As between? In the legal context, As between means The relative position of two people in reference to a third person, with one party having a different relationship from the other in regard to the third person.        

Legal Definition of Reference

What is the legal definition of Reference? In the legal context, Reference means (a) The act of sending a matter to a referee for his consideration and decision. (b) An agreement between two parties to place their dispute before an arbitrator or referee for his consideration and decision.        

Legal Definition of Amortization

What is the legal definition of Amortization? In the legal context, Amortization means The paying off of an indebtedness through regular installments. (A mortgage on property is amortized over a period of years through regular payments.)        

Legal Definition of Current value

What is the legal definition of Current value? In the legal context, Current value means The prevailing price or value; the common market price at the place where the commodity originates.        

Legal Definition of Full disclosure

What is the legal definition of Full disclosure? In the legal context, Full disclosure means The telling of all that one knows, not hiding or concealing anything that might be pertinent to the case.