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Today's Terms
Statute of limitations
Definition:
A statute specifying the period of time after the occurrence of an injury--or, in some cases, after the discovery of the injury or of its cause--during which any suit must be filed.
Joint-and-several liability
Definition:
Liability in which each liable party is individually responsible for the entire obligation. Under joint-and-several liability, a plaintiff may choose to seek full damages from all, some, or any one of the parties alleged to have committed the injury.
Collateral source rule
Definition:
Under this rule, compensation awarded to an injured party shall not be reduced by the amount of compensation available to him from his insurance company or other independent sources.
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