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Definition of liability

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li·a·bil·i·ty  audio  (l-bl-t) KEY  

NOUN:
pl. li·a·bil·i·ties
  1. The state of being liable.
    1. Something for which one is liable; an obligation, responsibility, or debt.
    2. liabilities The financial obligations entered in the balance sheet of a business enterprise.
  3. Something that holds one back; a handicap.
  4. Likelihood.



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The American Heritage® Dictionary of the English Language, Fourth Edition.
Copyright © 2000 by Houghton Mifflin Company.
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