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English definition of “liability”

liability

noun (RESPONSIBILITY)    /ˌlaɪ.əˈbɪl.ɪ.ti/ US  /-ə.t̬i/
C1 [U] the fact that someone is legally responsible for something: He denies any liability for the damage caused .Duty, obligation and responsibility liabilities [plural] specialized debts : The business has liabilities of £2 million. → Compare assetAccountingBorrowing, lending and debt
(Definition of liability noun (RESPONSIBILITY) from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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