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Từ vựng:

joint and several liability

Giải nghĩa:

/dʒɔɪnt ənˈd səvərəl laɪəˈbɪləti/ – Phrase


Definition: trách nhiệm chung và liên đới.

A more thorough explanation: Joint and several liability is a legal concept that holds multiple parties responsible for the same obligation. Each party is individually liable for the full amount of the obligation, meaning that the creditor can choose to pursue any one of the parties for the entire debt, or can pursue multiple parties for portions of the debt. This concept is often used in contracts and legal agreements to ensure that the obligation will be fulfilled, even if one party is unable to pay their share.

Example: In a joint and several liability agreement, both parties are individually responsible for the full amount of the debt, meaning that each party can be held liable for the entire debt if the other party is unable to pay.

 

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