Liability Without Fault

Absolute Liability
Absolute liability, also known as strict liability, refers to a type of liability where a party can be held responsible for damages or injuries without proof of fault or negligence. This legal principle is often applied when actions are deemed contrary to public policy, regardless of intent.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.