liability - Definitions from Dictionary.com

8 results for: liability

Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This

li·a·bil·i·ty

Audio Help [lahy-uh-bil-i-tee] Pronunciation Key

–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 (v 1.1)
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006.

Encyclopædia Britannica, Inc.
liability

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American Heritage Dictionary - Cite This Source - Share This

li·a·bil·i·ty Audio Help (lī'ə-bĭl'ĭ-tē) Pronunciation Key
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.

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The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2006 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.

WordNet - Cite This Source - Share This

liability
noun
1.	the state of being legally obliged and responsible
2.	an obligation to pay money to another party [syn: indebtedness]
3.	the quality of being something that holds you back [ant: asset]

American Heritage New Dictionary of Cultural Literacy, Third Edition - Cite This Source - Share This
liability

An obligation or debt.

[Chapter:] Business and Economics

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

Investopedia - Cite This Source - Share This

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

Wallstreet Words - Cite This Source - Share This
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 contingentliability, current liability.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott.
Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company.

Merriam-Webster's Dictionary of Law - Cite This Source - Share This
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 <tax liability> <the bonds are liabilities> —compare ASSET

contingent liability
: an amount that may or may not be owed depending on the outcome of a contingency (as acosigner'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 multipletortfeasors 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 TORT">CONCERT OF ACTION 1

civil liability
: liability imposed under civil laws and civilprocess as distinguished from criminal laws; also : the state of being subject to civil sanctions (as restitution or damages) <the acquittal does not relieve the corporation ofcivil liability for its fraud> —see also TORT
NOTE: Civil liability is created by a legal theory or principlethat 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 thecorporation itself —see also PIERCE

criminal liability
: liability imposed under criminal laws and bymeans of criminal prosecution; also : the state of being subject to criminal sanctions <the 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 adefective product when the specific manufacturer cannot be identified

joint and several liability
: joint liability imposed on joint tortfeasors that allows enforcement of theentire 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 bycomparative fault.

joint liability
: liability that is shared (as by co-owners); specifically : liability for a tort that is imposed on joint tortfeasors whenthey 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 betweenthe joint tortfeasors

liability in sol·i·do
: SOLIDARY LIABILITY in thisentry

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, orlegal undertaking

prod·ucts liability
: liability imposed on a manufacturer or seller for a defective and unreasonably dangerous product; specifically : strictliability 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 usuallymust 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 liabilityclaim.

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 makesany 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 atort that is imposed on joint tortfeasors —see also solidary obligation at OBLIGATION

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

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

Webster's Revised Unabridged Dictionary - Cite This Source - Share This

Liability

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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