00:01
Okay, so let's understand the meaning of liability.
00:05
So we will first begin at the classic definition of liability and then we will move with an example.
00:23
So it is an amount which is payable by an individual or company or any type of legal person to any other person.
01:55
Person arising out of any type of financial transaction.
02:33
Now as per the classic definition, we will first of all read this till the end.
02:42
It is an amount which is payable by an individual or company or any type of legal person.
02:49
First of all, let's highlight the most important terms in the definition itself.
02:57
Which is payable by an individual company or any type of legal person, okay, to any other person arising out of any type of financial transactions.
03:14
So we will draw an example to get a more clear idea about what is the actual meaning of liability.
03:22
Okay, but first of all highlight these terms so that you can understand that what are the typical, typical elements of a definition.
03:31
Okay, now let's begin with an example...
