What is meant by "joint liability" in legal terms?

"Joint liability" refers to a situation in which two or more parties share responsibility for the same obligation or debt. This means that each party is equally responsible for fulfilling the obligation, and any one of them can be held liable for the entire amount if the obligation is not met. This legal concept is particularly relevant in contracts and torts, where multiple parties may have participated in a transaction or caused harm together.

In the context of joint liability, if one party defaults or fails to meet their obligations, the other parties are still required to fulfill the obligation, often to the full extent of the debt. This shared responsibility ensures that the injured party or creditor has a better chance of recovering what is owed, as they can pursue any or all of the liable parties for compensation.

The other options do not accurately capture the essence of joint liability. Individual accountability pertains to a single party's responsibility rather than a collective obligation. Liability that cannot be transferred implies a permanent obligation and does not reflect the shared nature of joint liability. Exclusive liability describes a situation where only one party is responsible for the obligation, which again contradicts the fundamental principle of joint liability.