Definition of Liabelity
Li`a*bil"i*ty
(lī`&adot;*b&ibreve;l"&ibreve;*t&ybreve;),
n.; pl. Liabilities (-
t&ibreve;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.
- Webster's Unabridged Dictionary (1913)
- the condition of being liable
- an obligation, debt or responsibility owed to someone
- a handicap that holds one back
- the likelihood of something happening
- The Nuttall Encyclopedia
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