A debt or other
obligation. In accounting, current liability
relates to debts that are normally due
within one year as opposed to long term
liabilities of greater duration.
Legal liability means
when one party to a contract whether a buyer
or a seller is in breach of that
contract/agreement, therefore becomes liable
for damages to the other party. Remedies for
breach of
contract include rescission,
damages, quantum merit, specific
performance.
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