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Liability Definition

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Other Liability Definition

[n] the quality of being something that holds you back
[n] an obligation to pay money to another party
[n] the state of being legally obliged and responsible


asset, plus

Misc. Definitions

\Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. {Liabilities} (-t[i^]z).
1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., the sum of one's pecuniary obligations; -- opposed to {assets}. {Limited liability}. See {Limited company}, under {Limited}.

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