| en | en | |
| Liability | Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. {Liabilities} (-t[i^]z). [1913 Webster] 1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law. [1913 Webster] 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}. [1913 Webster] {Limited liability}. See {Limited company}, under {Limited}. [1913 Webster] |
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