liability

li-a-bil-i-ty · noun

imported

Definitions

noun

  1. 1.

    (law) The state of being legally responsible for something.

  2. 2.

    A person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.

  3. 3.

    (finance, usually plural) A company's debts or financial obligations.

  4. 4.

    The state of being susceptible or prone to something.

Forms

plural: liabilities

Phrases & expressions

  • •
    limited liability — legal protection limiting a person's financial responsibility
  • •
    product liability — responsibility for damage caused by manufactured goods
  • •
    liability insurance — insurance protecting against claims of negligence
  • •
    joint and several liability — shared legal responsibility among parties
  • •
    tax liability — the amount of tax owed

Related words

Antonyms: advantage, asset
See also: asset, debt, liable, obligation, responsibility
Synonyms: burden, debt, obligation, responsibility

Etymology

From French lier ("to bind"), from Latin ligare ("to bind, tie"). The word developed in English legal terminology in the 18th century, combining "liable" with the suffix -ity.