liability n
1. the state of being legally obliged and responsible
2. an obligation to pay money to another party [syn: indebtedness, financial obligation]
3. the quality of being something that holds you back [ant: asset]

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.

See more meaning on Liability...

• Liability: A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something that someone is ...
• Legal liability: Legal liability is the legal bound obligation to pay debts. In law a person is said to be legally liable when they are financially and ...
• Liability (financial accounting): In financial accounting , a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of ...
• Limited liability: Limited liability is a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's ...
• Strict liability: In law, strict liability is a standard for liability which may exist in either a criminal or civil context. specifying strict liability ...
• Product liability: Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make product s available to ...
• Liability insurance: Liability insurance is a part the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of ...
• Occupiers' liability in English law: Occupiers' liability is a field of tort law , codified in statute, which concerns the duty of care that those who occupy (through ...

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