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

In 2019, PG&E filed for bankruptcy protection to shield itself from tens of billions of dollars in potential liabilities after fires ignited by its grid killed more than 100 people.

From Los Angeles Times

"That's a crucial difference with other sovereign wealth funds which have no promises to pay. They are just a bunch of assets, usually from oil revenues, with no liabilities to meet."

From BBC

While these devices can be useful both in the home and when the person is out and about, they also need to be kept charged, which can be a liability, says Miller.

From The Wall Street Journal

Just over a year ago, an estimate of school district liability throughout California reached $3 billion.

From Los Angeles Times

He is requesting damages - and for the company to recognise liability.

From BBC

Related Words

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