Liability

/ˌlaɪəˈbɪləti/
Definition 1 of 4
Visual representation of "liability"
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Legal Significance

In law, liability comes with consequences. It means owing a duty that, if unmet, can lead to lawsuits or penalties.

Illustration for Legal Significance
If they prove negligence, you might face legal liability.
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Not Always Negative

'Liability' sounds negative but in legal terms, it simply refers to a bound duty or obligation, not a fault.

Illustration for Not Always Negative
As a director, she accepted her liability for the company's actions.
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Beyond Money

Liability isn't just about financial responsibilities; it covers any legal responsibility, like safety obligations.

Illustration for Beyond Money
The landlord has liability for tenant's safety.
Visual representation of the word "Liability"

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