Legal English: ‘Liabilities, responsibilities, and obligations’
Оксана Кіріяк, кандидат юридичних наук, доцент Чернівецький національний університет імені Юрія Федьковича
Кіріяк Оксана
30.08.2023

Пропонуємо ознайомитися із карткою на тему: ‘Liabilities, responsibilities, and obligations’, яку підготувала Оксана Кіріяк, кандидат юридичних наук, доцент Чернівецький національний університет імені Юрія Федьковича.

While liabilities, responsibilities, and obligations are related concepts, they have distinct meanings in different contexts. Let's define each term and highlight their differences:

Liabilities:

- In accounting and finance, liabilities refer to debts or obligations owed by an individual, company, or organization to another party.

- These are financial obligations that arise from past transactions or events and require the entity to make future payments or provide goods or services to settle the debt.

- Liabilities can be short-term (e.g., accounts payable, short-term loans) or long-term (e.g., long-term loans, bonds).

- Examples of liabilities include outstanding bills, loans, mortgages, and unpaid taxes.

Responsibilities:

- Responsibilities refer to the duties, tasks, or actions that a person or entity is expected or required to perform as part of their role or position.

- These duties are often related to specific functions, roles, or positions in an organization or society.

- Responsibilities can be moral, legal, or professional in nature, and they vary depending on the context and the individual or entity involved.

- Examples of responsibilities include fulfilling job tasks, taking care of dependents, adhering to ethical standards, and following laws and regulations.

Obligations:

- Obligations are commitments or duties that create a binding requirement for a person or entity to act or behave in a certain way.

- These requirements can arise from contracts, laws, agreements, social norms, or moral codes.

- Unlike responsibilities, obligations often carry a legal or contractual significance, and failure to meet them may result in penalties, consequences, or legal action.

- Examples of obligations include fulfilling the terms of a contract, paying taxes, obeying laws, and meeting the terms of a loan agreement.

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