liability

Language: en

🇬🇧 /ˌlaɪəˈbɪlɪti/ 🇺🇸 /ˌlaɪəˈbɪlɪtiː/

📖 Definitions

  1. noun
    The state of being legally responsible for something, especially a debt or obligation.; A financial obligation or debt owed by a person or organization.; A person or thing that is a hindrance or disadvantage; a drawback.; The quality or state of being liable; susceptibility or exposure to something.; In accounting, the total amount of debts and obligations owed by a business or individual, recorded on the balance sheet.; Legal responsibility for one's acts or omissions, especially in civil law, that may result in an obligation to pay damages.

🔗 Details

Word forms

countable Plural: liabilities

Collocations

limited liabilityliability insuranceassume liabilityaccept liabilityproduct liabilityjoint liabilityliability for damages

Derivatives

liableliably

Synonyms

responsibilityobligationaccountabilityburdendrawbackdisadvantage

Antonyms

assetadvantage

Commonly confused

liable
EN: 'Liable' is the adjective form meaning legally responsible or likely to do something; 'liability' is the noun form referring to the state of being liable or a specific obligation.
responsibility
EN: 'Responsibility' is broader and can be moral or social; 'liability' specifically implies legal or financial obligation, or a disadvantage.

Spelling tips

EN: Remember the full spelling: l-i-a-b-i-l-i-t-y. A common error is dropping the second 'i' and writing 'liablity'.

💬 Examples

  1. The company denied any liability for the accident.

  2. The firm's liabilities exceeded its assets, leading to bankruptcy.

  3. His lack of experience made him a liability to the team.

  4. The liability of the region to flooding has increased due to climate change.

  5. Current liabilities include accounts payable and short-term loans.

  6. The manufacturer was found to have strict liability for the defective product.