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Definitions from the Web

Liability

Definition:

A liability refers to the state of being legally responsible for something, such as a debt, obligation, or fault.

Examples:

1. Noun: He accepted liability for the damage caused to the neighbor's car in the accident.
2. Noun: The company's liabilities exceeded its assets.
3. Noun: The bank informed him about his liability to pay off the loan.
4. Noun: Environmental protection is a corporate liability.
5. Noun: The homeowner's liability insurance covered the medical expenses of the injured guest.
6. Adjective: She was considered a liability rather than an asset to the company.

Related Products:

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• Liability Insurance
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