What is no liability?

What is no liability? Here are some definitions.

Noun
  1. (Australia, business, law) A form of limited liability that may be used by mining companies, under which the shareholders may pay a company debt by surrendering shares in lieu of money.
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Examples
There could be no liability for a dog known to be vicious until after it had managed to savage someone.
As with recordable blank CDs and DVDs, the manufacturers will make the products but accept no liability for what you might do with them.
As a general rule, however, there is no liability in tortious negligence for an omission, unless the defendant is under some pre-existing duty.
If the potential owner agrees that no liability is owed and confirms this in writing, the property is not escheatable.
Their sheet anchor is that they were performing it gratuitously and therefore no liability for its performance can arise.
So the company and its insurance policy bear no liability for what happened.

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