Section 121Part 18 — Debts Provable Against the Debtor’s Estate
Liability defined
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“Liability” shall, for the purposes of this Act, include any compensation for work or labour done, any obligation or possibility of an obligation to pass money or money’s worth on the breach of any express or implied covenant, contract, agreement or undertaking, whether such breach does or does not occur, or is or is not likely to occur, or capable of occurring, before the discharge of the debtor, and generally it shall include any express or implied engagement, agreement or undertaking to pay, or capable of resulting in the payment of money or money’s worth, whether such payments be —
as respects amount, fixed or unliquidated, and payable in one sum or by instalments, or periodical payments;
as respects time, present or future, certain or dependent on any one contingency, or on two or more contingencies; or
as to mode of valuation, capable of being ascertained by fixed rules, or assessable only by a jury, or as a matter of opinion.