Overview

joint and several liability


Show Summary Details

Quick Reference

A liability that is entered into by a group, on the understanding that if any of the group fail in their undertaking the liability must be shared by the remainder. Thus, if two people enter into a joint and several guarantee for a bank loan, if one becomes bankrupt the other is liable for repayment of the whole loan.

Subjects: Economics.


Reference entries

See all related reference entries in Oxford Index »


Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.