CHAPTER 1

Business Liability

Liability does apply with respect to the amount of the oil spill.

Ken Salazar, U.S. Secretary of the Interior, addressing the Gulf Oil Spill in 2010

Learning Objectives

  1. 1. Describe the concept and scope of business liability.
  2. 2. Summarize the effects of insurance and business organization on liability.
  3. 3. Explain the role of courts, mediation, and arbitration in addressing liability claims.

What Is Business Liability?

For business owners, opportunities to sell goods and services are exciting. But revenue and profit usually require significant resources, and many businesses incur liabilities—debts or other obligations owed to others—along the way. Liability includes loans borrowed to finance the business, and other ...

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