Noun: liability ,lI-u'bi-li-tee
- The state of being legally obliged and responsible
"The company's liability for the accident was established in court"
- An obligation to pay money to another party
"He struggled to meet his liabilities after losing his job";
- indebtedness, financial obligation
- The quality of being something that holds you back
"His tendency to procrastinate was a liability in his professional life"
Derived forms: liabilities
Type of: bad, badness, obligation, susceptibility, susceptibleness
Antonym: asset
Encyclopedia: Liability