Definition of liability in English:

liability

Line breaks: li¦abil|ity
Pronunciation: /lʌɪəˈbɪlɪti
 
/

noun (plural liabilities)

  • 1 [mass noun] The state of being legally responsible for something: once you contact the card protection scheme your liability for any loss ends
    More example sentences
    • She gave birth to a healthy child, and the respondents accepted liability for negligence.
    • The distinction between liability for acts and liability for omissions is well known.
    • There is no legal prohibition denying the Community the right to accept liability for private acts of its servants.
    Synonyms
  • 1.1 [count noun] (usually liabilities) A thing for which someone is responsible, especially an amount of money owed: valuing the company’s liabilities and assets
    More example sentences
    • For the other sectors, balance sheet data are limited to financial assets and liabilities.
    • We want to retire with the largest possible pot of assets and the least amount of liabilities.
    • This will include taking into account accrued liabilities and assets.
    Synonyms
    financial obligation, debt, indebtedness, debit; (liabilities) debts, arrears, dues

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