Hypertext Webster Gateway: "liability"
From Webster's Revised Unabridged Dictionary (1913) (web1913)
Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.;
pl. {Liabilities} (-t[i^]z).
1. The state of being liable; as, the liability of an
insurer; liability to accidents; liability to the law.
2. That which one is under obligation to pay, or for which
one is liable. Specifically, in the pl., the sum of one's
pecuniary obligations; -- opposed to {assets}.
{Limited liability}. See {Limited company}, under {Limited}.
From WordNet (r) 1.7 (wn)
liability
n 1: the state of being legally obliged and responsible
2: an obligation to pay money to another party [syn: {indebtedness},
{financial obligation}]
3: the quality of being something that holds you back [ant: {asset}]
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