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