1 definition found
From Webster's Revised Unabridged Dictionary (1913) [web1913]:
Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.;
pl {Liabilities} (-t[i^]z).
1. The state of being liable; as the liability of an
insurer; liability to accidents; liability to the law.
2. That which one is under obligation to pay or for which
one is liable. Specifically, in the pl., the sum of one's
pecuniary obligations; -- opposed to {assets}.
{Limited liability}. See {Limited company}, under {Limited}.
more about liabilities
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