Limited liability refers to the restriction of an individual's potential losses to the amount they have invested in a particular asset or business. This concept limits their personal liability and prevents them from losing more than their initial investment, provided they do not otherwise agree to assume additional liability.
In the context of real estate law, a person is an entity having legal responsibility. This can range from natural human beings to corporations, partnerships, governments, and other recognized bodies. Understanding these distinctions is crucial in contracts and legal obligations.
