liability

IPA: ɫaɪʌbˈɪɫɪti

An obligation, debt or responsibility owed to someone.
(accounting) Any item recorded on the right-hand side of a balance sheet.
A handicap that holds something back, a drawback, someone or something that is a burden to whoever is required to take care of them; an individual or action that exposes others to greater risk.
(informal, mildly derogatory) A person on a team that is more of a hindrance than a help.
The likelihood of something happening.
The condition of being susceptible to something.

Examples of "liability" in Sentences

As a business owner, it is important to assess potential liability risks to protect your assets
The company's failure to disclose potential dangers posed a significant liability to its customers
The new regulations increased the liability of companies operating within the industry
The document clearly outlined the terms of liability for any damages caused by the service provider
The liability insurance policy covered any legal expenses incurred as a result of the accident