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Liability

UK //ˌlaɪəˈbɪləti//US //ˌlaɪəˈbɪləti//

Definition

A legal responsibility for something, especially in terms of financial debts.

In simple words: A legal responsibility for something.

Examples

The company accepted full liability for the damages caused by the accident.
He assumed liability for the project, ensuring everything was completed on time.
In finance, a liability represents a legal obligation to pay debts.
Understanding your liabilities is crucial before taking a loan.
The liability of the owner for injuries on the property was questioned.
The organization had to disclose its liabilities in the annual report.

Usage notes

Used in legal and financial contexts to describe responsibility for debts or damages. Avoid in casual conversations.

Grammar pattern

have + liability

Memory hint

Think of 'liable' - if you're liable, you're legally bound like a chain.

Collocations

financial liability
assume liability
limit liability
personal liability
liability insurance

Synonyms

responsibility
accountability
obligation
debt
burden

Common mistakes

Confused with 'ability' - liability refers to responsibility, not capability.
Using 'liability' in non-financial contexts incorrectly.
Mixing up 'liability' with 'insurance' - they are not synonymous.