So I was curious to see this exact phrase pop up in various media analyses where implications of Euro-demise, such as redenomination risk, cross-border contract liability, and so on are getting a thinking through, at least in the media, for example here in the WSJ.

FORBES: Thinking the Euro Unthinkable

The sole FINRA Arbitrator hearing this matter found Respondent Wachovia liable on the claims of negligence, negligent supervision, fraud and breach of contract (no finding of liability on breach of fiduciary duty).

FORBES: Stockbroker Exonerated For Following Broken FNMA Compass

Though standardized guidelines will clearly streamline a process that has overwhelmed many servicers, those who have declined to modify mortgages based on contract language may still face legal liability.

MSN: Housing plan details which borrowers get help

The IRS must prove the tax liability was within the terms of the contract.

FORBES: Beware Liability For Other's Taxes

While funds, such as LACERA in its current contract with Milliman, apparently are agreeing to limitations of liability, the limitation amounts are well in excess of the annual actuarial fee.

FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )