noun “liability”
singular liability, plural liabilities or uncountable
- a debt or financial obligation that someone owes
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The company has several outstanding liabilities to its creditors.
- (accounting) an entry in a balance sheet showing debts and obligations
Liabilities are listed alongside assets in the financial statements.
- someone or something that causes problems or puts one at a disadvantage
His lack of experience became a liability during the project.
- legal responsibility for one's actions or for damage or injury
The driver was found to have liability for the accident.