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liability

noun (RESPONSIBILITY)
 
 
/ˌlaɪ.əˈbɪl.ɪ.ti/ US  /-ə.t̬i/

Definition

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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