LIABILITY Definition Meaning | Dictionary. com A liability is a debt or obligation or a personal flaw that stands in your way A company's liabilities are simply the debts on its ledger, but a personal liability might be your extreme shyness in social situations
What is Liability? Definition of Liability, Liability Meaning - The . . . Liability generally refers to the obligation to take responsibility for certain matters, which may include owing money or services to another party For instance, a homeowner's tax obligations could encompass the amount owed to the city in property taxes or the federal government in income taxes
LIABILITY definition and meaning | Collins English Dictionary If you say that someone or something is a liability, you mean that they cause a lot of problems or embarrassment Team-mates and coach began to see him as a liability What was once a vote-catching policy is now a political liability
What Is Liability? | Strict Liability, Vicarious Liability More What Is Liability? Liability refers to one party’s legal responsibility for their actions or omissions, which have harmed or damaged another party This responsibility is assessed based on the breach of a legal duty of care owed by the liable party to the injured party
What Is Liability? Legal Definition, Types, Examples Liability refers to the legal responsibility for one’s actions or omissions that cause harm, injury, or financial loss to another party It plays a central role in civil, criminal, and contractual law, determining who is at fault and what compensation or penalties may apply
Liability - Wikipedia Product liability, the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause