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Simple English definitions for legal terms

derivative liability

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A quick definition of derivative liability:

Derivative liability refers to the legal responsibility for a wrong that someone else has the right to seek compensation for. For example, if a shareholder sues a company for wrongdoing, they are seeking compensation on behalf of the company, making it a derivative liability. Liability means being held accountable for something, and derivative liability means being held accountable for something on behalf of someone else.

A more thorough explanation:

Derivative liability refers to the legal responsibility for a wrong that someone other than the person wronged has the right to seek redress for. For example, if a shareholder believes that a corporation's directors have breached their fiduciary duty, the shareholder can sue on behalf of the corporation to recover damages. Another example is when a widow sues for wrongful death on behalf of her deceased spouse.

Derivative liability is different from direct liability, which is when a person is responsible for their own actions. In derivative liability, the person seeking redress is not the one who was directly wronged, but rather has a legal right to sue on behalf of the wronged party.

For instance, in a shareholder's derivative suit, the shareholder is suing on behalf of the corporation, which is the entity that was directly wronged. The shareholder is seeking to recover damages for the corporation, not for themselves personally.

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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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