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]:
liability
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:
{asset}]
3: a financial condition of being indebted [syn: {indebtedness}]
4: the quality of being something that holds you back [ant: {asset}]
more about liability
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