ˌlīəˈbiləd.ē, -lətē, -i noun
( -es )
1.
a. : the quality or state of being liable
he liability of an insurer
b. : likelihood
the liability to take to their beds at the drop of a hat — Osbert Lancaster
2. : something for which one is liable: as
a.
(1) : an amount that is owed whether payable in money, other property, or services — compare accrued liability , capital liability , contingent liability , current liability , fixed liability
(2) liabilities plural : pecuniary obligations : debts — compare asset
b. : an obligation or duty which is owed by one person to another to refrain from some course of conduct injurious to the latter or to perform some act or to do something for the benefit of the latter and for breach of which the law gives a remedy to the latter (as damages, restitution, specific performance, injunction) : accountability and responsibility to another enforceable by legal civil or criminal sanctions
3. : something that works as a disadvantage : drawback
effects on the growing self of a … child that will be his liabilities instead of assets — Bingham Dai
the very traits which made him a success … are likely to be serious liabilities at a later stage — P.B.Sears
Synonyms: see debt