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

paradox

a situation or statement that seems impossible or is difficult to understand because it contains two opposite facts or characteristics

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