Liability

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li⋅a⋅bil⋅i⋅ty

[lahy-uh-bil-i-tee]

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–noun, plural -ties.

liabilities,

a.	moneys owed; debts or pecuniary obligations (opposed to assets ).

b.	Accounting. liabilities as detailed on a balance sheet, esp. in relation to assets and capital.

2.	something disadvantageous: His lack of education is his biggest liability.

3.	Also, li⋅a⋅ble⋅ness. the state or quality of being liable: liability to disease.

Origin:
1785–95; li(able) + -ability

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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li·a·bil·i·ty (lī'ə-bĭl'ĭ-tē)

n. pl. li·a·bil·i·ties

The state of being liable.
1. Something for which one is liable; an obligation, responsibility, or debt.
2. liabilities The financial obligations entered in the balance sheet of a business enterprise.
Something that holds one back; a handicap.
Likelihood.

The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Cultural Dictionary

liability

An obligation or debt.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Financial Dictionary

Liability

A legal debt or obligation estimated via accrual accounting.

Investopedia Commentary

Recorded on the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, and accrued expenses. For example, the unpaid value of a mortgage or outstanding money owed to suppliers would be considered a liability. Current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.

Also spelled: liabilities

Investopedia.com. Copyright © 1999-2005 - All rights reserved. Owned and Operated by Investopedia Inc.
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Financial Dictionary

liability

An obligation to pay an amount in money, goods, or services to another party. The balance sheet lists the liabilities. Compare asset. Also called debt. See also contingent liability, current liability.

Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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Legal Dictionary

Main Entry: li·a·bil·i·ty
Pronunciation: "lI-&-'bi-l&-tE
Function: noun
Inflected Form: plural -ties
1 : the quality or state of being liable
2 : something for which one is liable: as a : a financial obligation : DEBT liability> liabilities> —compare ASSET

contingent liability
: an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan)

fixed liability
: a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions <liability for injuries caused by their product>

absolute liability
: STRICT LIABILITY in this entry

alternative liability
: joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury —compare CONCERT OF ACTION 1

civil liability
: liability imposed under civil laws and civil process as distinguished from criminal laws; also : the state of being subject to civil sanctions (as restitution or damages) civil liability for its fraud> —see also TORT
NOTE: Civil liability is created by a legal theory or principle that places a duty or obligation (as to use due care) on the defendant.

corporate liability
: liability of a corporation that is enforced by sanctions imposed against the corporation itself —see also PIERCE

criminal liability
: liability imposed under criminal laws and by means of criminal prosecution; also : the state of being subject to criminal sanctions criminal liability of an accomplice>

enterprise liability
: liability imposed on a business enterprise esp. for on-the-job injuries to employees; specifically : liability imposed on defendants who are all members of an industry that has produced a defective product when the specific manufacturer cannot be identified

joint and several liability
: joint liability imposed on joint tortfeasors that allows enforcement of the entire judgment against any one of the tortfeasors
NOTE: In some jurisdictions, joint and several liability remains despite adoption of comparative fault, and in others it has been eliminated by comparative fault.

joint liability
: liability that is shared (as by co-owners); specifically : liability for a tort that is imposed on joint tortfeasors when they have acted in concert, owe the same duty to the plaintiff, have a legal relationship, or otherwise together have caused an injury to the plaintiff and that allows contribution or indemnity between the joint tortfeasors

liability in sol·i·do
: SOLIDARY LIABILITY in this entry

liability without fault
: STRICT LIABILITY in this entry

personal liability
: liability imposed against an individual esp. for injuries that occur on the individual's property or as a result of the individual's activities

premises liability
: liability arising from injuries or losses occurring on one's premises

primary liability
: liability imposed directly on a person because of his or her own negligence, default, or legal undertaking

prod·ucts liability
: liability imposed on a manufacturer or seller for a defective and unreasonably dangerous product; specifically : strict liability for a defective product that does not require the plaintiff to have privity of contract with the seller or manufacturer called also product liability
NOTE: A plaintiff usually must show that a defective product was the proximate cause of injuries, was defective at the time of purchase, and was used for its intended purpose in order to establish a products liability claim.

secondary liability
1 : VICARIOUS LIABILITY in this entry
2 : liability (as of a guarantor) that arises from a legal obligation owed to an injured party to pay damages for another's failure to perform or negligent act

several liability
: liability assumed or imposed on an individual separate from others

solidary liability
in the civil law of Louisiana : liability that is shared by obligors and that makes any one obligor liable for the entire obligation to the obligee but also apportions the liability among the obligors so that contribution is allowed; specifically : such liability for a tort that is imposed on joint tortfeasors —see also solidary obligation at OBLIGATION

strict liability
: liability that is imposed without a finding of fault (as negligence or intent)

vicarious liability
: liability that is imposed for another's acts because of imputed or constructive fault (as negligence) —see also RESPONDEAT SUPERIOR
3 : LIABILITY INSURANCE

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