English · Work & Business
liability
/ˌlaɪ.əˈbɪl.ɪ.ti/
[/ˌlaɪ.əˈbɪl.ɪ.ti/]
legal responsibility
Advancednoun
Definition
A legal or financial responsibility, debt, or something that puts one at a disadvantage.
Example
The company accepted full liability for the accident and agreed to pay compensation.
The company accepted full liability for the accident and agreed to pay compensation.
Etymology
From 'liable' plus '-ity', from Old French 'lier' (to bind).
How & Where It’s Used
Used in law, finance, and business contexts.