What are the major types of business liabilities?
Business law in Oklahoma establishes the types of liabilities that businesses in the state must face. Three of the most common types of business liabilities are: 1. Contractual Liabilities: These are the debts and obligations that a business takes on by entering into a contractual agreement with another party. It could include obligations to pay goods or services, or other promises. If the business fails to fulfill its part of the agreement, it can be held liable for breach of contract. 2. Statutory Liabilities: Statutory liabilities refer to legal obligations created by state and federal laws. This could include obligations such as paying taxes, complying with environmental regulations, or paying minimum wage. If a business is found to have violated any of these statutes, it can be held liable for any damages caused. 3. Tort Liabilities: Tort liabilities are liabilities created when a business’s negligent actions cause harm to another party. This could include things such as property damage, physical injuries, or financial losses. A business can be held liable for any damage the negligent action caused and may even be found guilty of criminal negligence. These are the three major types of business liabilities in Oklahoma and it is important for businesses to be aware of them. Understanding the liabilities that businesses face can help them prepare for potential legal issues and protect themselves and their customers.
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