noun, plural li·a·bil·i·ties.
- moneys owed; debts or pecuniary obligations (opposed to assets).
- Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.
Examples from the Web for liability
Except for in the Academy, where a low number seems to be a liability.
But will his racially charged rhetoric make him a liability instead?The Far-Right Radio Host Who Could Deliver the Senate to the GOP|Ben Jacobs|October 6, 2014|DAILY BEAST
And when it comes to liability litigation, as inevitably it will, Rolls Royce would seem to be off the hook.
They also have liability insurance, which helps them make payments to passengers who are harmed or killed.
So the company and its insurance policy bear no liability for what happened.
B fails to construct the masonry work; this exempts A from liability.
In the event of liquidation of the company, treasury stock would off-set the liability on account of capital stock.
But, no matter what is used, the liability to explosion is not lessened in any degree.
At common law the liability of a master is of a very limited character.
Supposing, however, this assumption to be correct, it would not seem to affect the question of his liability.The life of Isambard Kingdom Brunel, Civil Engineer|Isambard Brunel
British Dictionary definitions for liability
noun plural -ties
Word Origin and History for liability
1790, originally a term in law; "condition of being legally liable;" see liable + -ity. General sense is from 1809; meaning "thing for which one is liable" is first attested 1842. Related: Liabilities.
Culture definitions for liability
An obligation or debt.