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English definition of “liability”

liability

noun [C/U]    /ˌlɑɪ·əˈbɪl·ɪ·t̬i/
the responsibility of a person, business, or organization to pay or give up something of value: [U] He denies any liability in the accident. [C usually pl] The business has liabilities of $5 million. A liability is also anything that hurts your chances of success or that causes difficulties: [C] Not having our own delivery trucks is a liability in our business.
(Definition of liability noun from the Cambridge Academic Content Dictionary © Cambridge University Press)
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