liability Meaning, Definition & Usage

  1. noun the state of being legally obliged and responsible
  2. noun an obligation to pay money to another party
    indebtedness; financial obligation.
  3. noun the quality of being something that holds you back

WordNet

Li`a*bil"i*ty noun
Wordforms
plural Liabilities
Definitions
  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.

Webster 1913