liability

American  

[lahy-uh-bil-i-tee] / ˌlaɪ əˈbɪl ɪ ti /

noun

plural

liabilities

1. liabilities,

   1. Finance. moneys owed; debts or pecuniary obligations (assets ).

   2. Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.

2. something disadvantageous.

   His lack of education is his biggest liability.

3. Also liableness the state or quality of being liable.

   liability to disease.

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liability British  

/ ˌlaɪəˈbɪlɪtɪ /

noun

1. the state of being liable

2. a financial obligation

3. a hindrance or disadvantage

4. likelihood or probability

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liability Cultural  

1. An obligation or debt.

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Other Word Forms

• nonliability noun
• preliability noun

Etymology

Origin of liability

First recorded in 1785–95; li(able) + -ability

Example Sentences

This ratio compares a company’s market price with the net value of the assets and liabilities on its balance sheet.

From MarketWatch

These days, SyberJet includes disclaimers, saying on its website that the company “assumes no liability for any loss, damage, or misinterpretation arising from the use of this data, including financial or operational decisions.”

From The Wall Street Journal

Medics involved in the process would also be exempt from criminal and civil liability.

From BBC

MI5 has resolved Beth's legal claim at the Investigatory Powers Tribunal without admission of liability, meaning without a legal admission of wrongdoing.

From BBC

"If the issue of limitation is determined in the defendant's favour, then the claim must fail and the court is not required to make any findings in respect of liability," they have stated.

From BBC

Related Words

• damage
• inconvenience
• involvement
• loan
• mortgage
• obligation
• responsibility