Liability
/ˌlaɪəˈbɪləti/
Definitions
- (n.) Legal responsibility for one's acts or omissions, including the obligation to make restitution or pay damages.
The company accepted liability for the environmental damage caused by its operations.
- (n.) A debt or financial obligation owed by a person or entity.
The accountant listed all liabilities on the company’s balance sheet.
Commentary
Liability in legal contexts often involves both tort and contract law, encompassing duties and financial accountability.