liability Definition
liabil·ity (lī′ə bil′ə tē)
noun pl. -·ties
- the state of being liable
- anything for which a person is liable
- Accounting
- a debt of a person or business, as a note payable or a long-term debenture
- an account on a balance sheet showing this
- something that works to one's disadvantage
liability Synonyms
liability
n.
The state of being liable
obligation, indebtedness, owing, susceptibility, subjection to, amenability, answerability, accountability, accountableness, exposedness, compulsion, amenableness, being made accountable; see also responsibility 2.A source of liability, sense 1
balance, burden, arrearage, arrears, account, debit, remainder, pledge, accident, chance, involvement, responsibility, encumbrance, exposed position, contingency, indebtment, possibility, misfortune, onus, contract, lease, mortgage; see also debt 1.
liability Finance Definition
An
obligation to make a payment to a person or company in exchange for a benefit
that has been received or money that has been lent. The liability section on a
companys balance sheet is one of the three major parts of the balance sheet.
liability Law Definition
n
- A legally enforceable obligation.
- More generally, a debt or other legal obligation to pay an assessed amount (for example, taxes).
joint and several liability
Liability that is jointly payable by multiple
parties, but that may (or must, depending on jurisdiction) be paid in full by
one or more of them if the others are not to be found or are incapable of
paying their share.
joint liability
Liability that is jointly payable by multiple parties, of
which none may be required to pay more than his or her share.
primary liability
Liability for which one is directly responsible, without the
claimant being obligated to resort to any other source for payment.
secondary liability
Liability that one is not obligated to pay unless the party
with primary liability fails to make payment.
strict liability
In tort law, a financial responsibility to compensate a harm
in the absence of any negligence; an absolute responsibility to ensure the safe
functioning of a dangerous instrumentality.
vicarious liability
The liability of an employer or supervisor for the acts of an
employee, based on the employer-employee or supervisory relationship. See respondeat superior.
liability Usage Examples
Converse of object
- disclaim: They range from the non-existent, to numerous pages of small print disclaiming all liability for anything.
- accept: AES does not accept any liability for any error or omission.
- exclude: Excluded liability for delay in delivering goods in the event of strikes.
- incur: The estimates of taxes for example are for tax payments received during the year, rather than for liabilities incurred.
- assume: NMM assumes no liability or responsibility for any errors or omissions in the content of the Site.
- admit: She is now hoping they will admit full liability for what has happened to her.
Adjective modifier
- vicarious: They are not limited to the principles of vicarious liability in tort.
- contingent: The contingent liabilities of the company at 16 September 2000 were £ 35 million ( 1999 £ 34 million ).
- limited: In many cases our limited liability will not cover the value of your consignment in the event of loss or damage.
- strict: With strict liability, the person carrying out the activity, the producer and/or farmer would have to compensate for all damage.
- unlimited: Liability We accept unlimited liability for death or personal injury caused by our negligence.
Modifies a noun
- partnership: Incorporate or Form a limited liability partnership - Online!
- insurance: Public liability insurance in the UK will not cover you for long periods of overseas work.
Noun used with modifier
- tax: Selling Your Spanish Property: The seller's tax liability.
- IHT: If you do nothing you may become exposed to a large IHT liability.
Possessives
occupier: Occupiers ' liability is regulated by the Occupiers Liability Acts 1957 ( visitors ) and 1984 ( trespassers ).
Preposition: in
- tort: They are not limited to the principles of vicarious liability in tort.
- respect: Ski Power Ltd does not accept any liability in respect of these services.
Preposition: for
- negligence: This exclusion does not include any liability for negligence by GCap or death or personal injury arising out of such negligence.
- loss: We accept no liability for loss or damage to any personal effects / motor vehicles whilst on-site.
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Mentioned In
- contingent liability
- tax liability
- parental liability
- product liability
- limited liability partnership
- primary liability
- secondary liability
- vicarious liability
- strict liability
- limited liability
- joint liability
- umbrella personal liability insurance
- joint and several liability
- apportionment of liability
- long-term liability
- about 262 more...
