All character of debts and obligations.
Accrued Liability
Obligation which has been incurred but not yet paid; e.g., lease payment, taxes.
Contingent Liability
A liability not yet fixed but dependent on events to occur in the future (e.g. a pending law suit)
Fixed Liability
One fixed as to time, amount, etc.; e.g. mortgage.
Joint And Several Liability
Responsible together and individually.
Joint Liability
Liability for which more than one person is responsible.
Primary Liability
A liability for which a person is directly responsible.
Secondary Liability
A contingent liability.
Strict Liability
A person is presumed to be guilty of an offence without the requirement on the plaintiff to prove negligence. Generally applicable when injury or damage caused by dangerous activities, hazardous products, etc.