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English definition of “liability”

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liability

noun
 
 
/ˌlaɪəˈbɪləti/ ( plural liabilities)
[C] ACCOUNTING, FINANCE the amount of money that a person or organization owes: He listed liabilities of more than $3 million. The company will also have to show that it has a liability of $600.
[U] LAW legal responsibility for something: liability for sth Warning notices may not be enough to absolve a property owner of liability for visitors' injuries. They still haven't admitted liability for the crash which ruined so many lives. The army denied liability but agreed to make an out-of-court settlement.
→  See also admission of liability , assumed liabilities , civil liability , contingent liability , criminal liability , current liability , deferred liability , deposit liabilities , employer liability , external liability , joint and several liability , legal liability , limitation of liability , limited liability , long-term liability , personal liability , product liability , professional liability , secured debt , sequential liability , strict liability , tax liability , unlimited liability , vicarious liability
(Definition of liability from the Cambridge Business English Dictionary © Cambridge University Press)
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