liability

[lahy-uh-bil-i-tee]
noun, plural liabilities.
1.
liabilities.
a.
moneys owed; debts or pecuniary obligations (opposed to assets ).
b.
Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.
2.
something disadvantageous: His lack of education is his biggest liability.
3.
Also, liableness. the state or quality of being liable: liability to disease.

Origin:
1785–95; li(able) + -ability

nonliability, noun, plural nonliabilities.
preliability, noun, plural preliabilities.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
liability (ˌlaɪəˈbɪlɪtɪ)
 
n , pl -ties
1.  the state of being liable
2.  a financial obligation
3.  a hindrance or disadvantage
4.  likelihood or probability

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Etymonline
Word Origin & History

liability
c.1800, a term in law; "condition of being legally liable;" from liable. General sense is from 1809; meaning "thing for which one is liable" is first attested 1842. Related: Liabilities.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary

liability definition


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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Example sentences
If the mortgage is refinanced, the lender could retain some liability due to
  the quality of the loan.
But her troubled marriage was a political liability waiting to be exposed.
The circulating heat can be a liability for delicate baked goods such as
  custards.
At every turn they suggest prosaic things and the usual liability to
  awkwardness is meantime increased a thousandfold.
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