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What does contractually liable debt mean?

In: Property Law, Debt Responsibility [Edit categories]

Answer:

It means that under the terms of some contract the party is responsible for paying debts.

First answer by Kluss. Last edit by Kluss. Contributor trust: 698 [recommend contributor ]. Question popularity: 4 [recommend question].

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What does debt mean?
A sum of money owned by you or the bank
What does liable mean?
legally obligated responsible likely susceptible
Are you liable for your late husband's debts?
Perhaps. The extent of liability of a surviving spouse depends upon the laws of the state in which the married couple lived at the time of the person's death and the type of debt(s). Joint...
Is a parent liable for childrens debt?
It depends on the age of the child. If they are minors, they shouldn't have debt, as they are unable to contract. If they are over 18, the debts are not the parent's responsibility unless the parents...
When are parents liable for children's debts?
Until they reach the age of majority. In most places that is until the age of 18. After that the kids are on there own.