limitation of liability

limitation of liability
A limitation upon a liability otherwise contracted or assumed by entering into a particular relationship, the most common of which is found in contracts of bailment, limiting the liability of the bailee, 8 Am J2d Bailm § 132, such as a carrier, 14 Am J2d Car § 537, the keeper of a hotel or inn, 29 Am J Rev ed Innk § 86, or a warehouseman, Lancaster Mills v Merchants' Cotton-Press & Storage Co. 89 Tenn 1, 14 SW 317, especially in reference to those bailments in which, in the absence of a limitation, the bailee is under an absolute or insurer's liability. A contractual, statutory, or customary limitation of a shipowner's liability for loss of or injury to goods or merchandise carried on board the vessel. 48 Am J1st Ship §§ 445 et seq. A limitation appearing in a policy of insurance upon the amount of loss for which the insurer is liable. 7 Am J2d Auto Ins § 189; 29 Am J Rev ed Ins § 227. A contractual limitation of a telegraph company's liability for negligence in the transmission of a message. 52 Am J1st Teleg & T § 143. A stipulation in a contract between a credit-reporting agency and a customer which provides that the agency shall not be liable for the negligence of its agents, and that it does not guarantee the verity or accuracy of the information given. Corrigan v Dun & Bradstreet, Inc. (DC RI) 91 F Supp 424. A provision in the indenture of a business trust which states expressly that the shareholders shall not be individually liable for debts or liabilities incurred by the trustees on behalf of the trust, or that persons dealing with the trustees shall look for satisfaction of their demands only to the property and assets of the trust. 13 Am J2d Bus Tr § 37. A clause in the indenture of a business trust which provides that the trustees shall not be personally liable on contracts made by them on behalf of the trust. Anno: 156 ALR 165. The condition of a sale at auction that all complaints must be made at a specified time after the sale. 7 Am J2d Auct § 54. A contract against liability for negligence is in contravention of public policy. Anno: 175 ALR 39. See limited liability acts.

Ballentine's law dictionary. . 1998.

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  • Liability — A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation. The New York Times Financial Glossary * * * liability li‧a‧bil‧i‧ty [ˌlaɪəˈbɪlti] noun liabilities PLURALFORM …   Financial and business terms

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  • limitation — /ˌlɪmɪ teɪʃ(ə)n/ noun the act of allowing only a specific quantity of something ● The contract imposes limitations on the number of cars which can be imported. ♦ limitation of liability the fact of making someone liable for only a part of the… …   Marketing dictionary in english

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