Liability

Pronunciation

Noun

1. the condition of being liable
2. an obligation, debt or responsibility owed to someone.
• 1901, W. W. Jacobs, The Monkey's Paw"I was to say that Maw and Meggins disclaim all responsibility," continued the other. "They admit no liability at all, but in consideration of your son's services they wish to present you with a certain sum as compensation."
3. a handicap that holds one back
4. the likelihood of something happening

Antonyms

• asset

Derived terms

• enterprise liability
• secondary liability
• vicarious liability