Meaning of liability

li•a•bil•i•ty

Pronunciation: (lī"u-bil'i-tē), [key]
— pl. -ties.
    1. moneys owed; debts or pecuniary obligations (opposed to assets).
    2. Accounting.liabilities as detailed on a balance sheet, esp. in relation to assets and capital.
  1. something disadvantageous: His lack of education is his biggest liability.
  2. the state or quality of being liable: liability to disease.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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