liability - definition in the Business English Dictionary - Cambridge Dictionaries Online

Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

English definition of “liability”

See all translations

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)
What is the pronunciation of liability?
Add Cambridge dictionaries to your browser to your website

Definitions of “liability” in other dictionaries

Word of the Day

lateral thinking

a way of solving a problem by thinking about it in a different and original way and not using traditional or expected methods

Word of the Day

What’s All The Commotion About? (Words to describe sounds)

by Kate Woodford,
May 20, 2015
​​​ In this post we look at a range of words and phrases that we use to describe noise and the absence of noise. Starting with complete quiet, we sometimes use the noun hush to describe silence: A hush fell over the room as the bride walked in./There was a deathly hush (=complete

Read More 

plyscraper noun

May 18, 2015
a skyscraper made mainly from wood The development of engineered timber could herald a new era of eco-friendly ‘plyscrapers’. Christchurch welcomed its first multistorey timber structure this year, there are plans for Vancouver, and the talk is China could follow

Read More