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liabilitymore about liability


  2  definitions  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}. 
  From  WordNet  r  1.6  [wn]: 
  n  1:  the  state  of  being  legally  obliged  and  responsible 
  2:  possession  that  is  owed  to  someone  else  [syn:  {financial 
  obligation},  {indebtedness},  {pecuniary  obligation}]  [ant: 
  3:  a  financial  condition  of  being  indebted  [syn:  {indebtedness}] 
  4:  the  quality  of  being  something  that  holds  you  back  [ant:  {asset}] 

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