liability JUST WRITTEN FOR YOU
/laɪəˈbɪlɪti/ · li·a·bil·i·ty
noun
- An obligation, debt or responsibility owed to someone. The corporation recorded a $2 million liability on its balance sheet for unpaid taxes.
- A handicap that holds something back, a drawback, someone or something that is a burden to whoever is required to take care of them; an individual or action that exposes others to greater risk. His tendency to arrive late became a liability for the project team.
- The likelihood of something happening, especially an undesirable event. The liability of severe storms made the organizers postpone the outdoor concert.
Did you know? Liability insurance, which protects against legal responsibility for damages, first emerged in the 19th century and helped spur the growth of modern corporate law.