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"Mike is liable. His actions are negligence per se with his duty to warn" describes mike's liability for injuries caused from people smoking his cigarettes.
A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.
- Liabilities on the balance sheet's right side are represented by debts like as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accumulated costs.
- Assets can be compared with liabilities. Assets are items you own or owe money to, whereas liabilities are debts or other obligations.
- The short-term financial commitments of a business that are due in a year or within its typical operational cycle are known as current liabilities (e.g. accounts payable).
- On the balance sheet, commitments that aren't due for more than a year are referred to as long-term (non-current) liabilities.
Learn more about Liabilities, here
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