WordValeliability
a debt or financial obligation
legal responsibility for one's acts or debts
In more detail
1. (noun) the state of being legally responsible for something, especially for paying money owed or for damage caused
2. (noun) a debt or financial obligation that a company or person owes
3. (noun) a person or thing that causes problems or is a disadvantage
Examples
- 1. The company accepted liability for the accident and paid compensation to the injured workers.
- 2. The bank's liabilities include all the money it owes to customers who have deposits.
- 3. His criminal record became a liability when he applied for the job.
How to use liability
Liability has three main uses: as a legal/financial term meaning responsibility for payment or damages (most common in business and legal contexts), as an accounting term for money owed, and more casually as a disadvantage or burden. In the third sense, it often refers to a person who creates problems.
Common phrases
- legal liability
- financial liability
- accept/accept liability
- shield from liability
- liability insurance
- potential liability
Synonyms
{legal} responsibility · obligation · debt · disadvantage · burden
Opposites
asset · advantage · strength
Word family
liable (adjective) · liableness (noun, rare)
A common mistake
Learners sometimes confuse liability with ability; liability means responsibility or disadvantage, while ability means capacity to do something.
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