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English definition of “liability”

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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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