Definition, Meaning & Synonyms
liability
noun
/laɪəˈbɪlɪti/
Definition
A liability is a legal or financial obligation that a person or organization owes to another party.
Examples
- After the accident, the company had to deal with significant liabilities due to damages.
- He was concerned about his financial liability regarding the loan.
- The business must consider its liabilities when preparing its financial statements.
Meaning
In a general sense, liability refers to the responsibilities that one has, particularly in a financial context.
Synonyms
- responsibility
- obligation
- debt
- accountability
