In business and in law,responsibility is called

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In business and in law, responsibility is called liability, which refers to the legal obligation to pay debts or fulfill other obligations. Liability can arise from various sources, including contracts, torts, and statutory obligations. It can be either a current liability, which is due within a year, or a long-term liability, which is due after a year. Liability is an important concept in accounting, finance, and risk management, as it helps businesses and individuals to assess their financial health and potential liabilities.

In Business and in Law,responsibility Is Called