liability
lye-uh-BIL-ih-tee
/ˌlaɪ.əˈbɪl.ə.ti/
The state of being legally responsible for something, or a financial obligation owed to another.
Refers to legal accountability or a debt/obligation that must be settled.
The story behind the word. Traced through Old French lier (to tie or bind) from Latin ligare. Liability literally describes a legal bond that ties a person to an obligation or debt.
Word relationships
- responsibility: Responsibility can be moral or social, whereas liability is legally enforceable.
- obligation: An obligation is a broad duty, whereas liability specifically highlights accountability for loss or harm.
- immunity: Immunity is legal protection exemption from liability.
- asset: An asset is a financial resource, whereas a financial liability is a debt.
Commonly confused with
- culpability: Culpability implies moral guilt or blameworthiness; liability is legal responsibility to pay or remedy.
Word family
- liable (adjective): Legally responsible
Collocations
- strict liability
- joint liability
- product liability
- limit liability
Example sentences
- "Incorporating the business as an LLC shields personal assets from company liability." Corporate law review
- "The driver purchased third-party liability insurance to cover prospective damages." Insurance policy document
Memory hook
LIABLE means TIED to a legal debt. Bound by law to pay.
When not to use
Do not confuse with 'blame' in an informal moral sense; liability implies legal or financial duty.
Fun facts
- In accounting, liabilities appear on the right side of the balance sheet and balance out assets.
Explore more words
debt, accountability, obligation, accountable, insolvent, culpability
Also appears in
- Leadership → Responsibility & Accountability
- Business → Workplace Hazards & Safety
- Finance → Taxation & Revenue
- Finance → Debt, Loans & Bankruptcy
- Finance → Auditing & Accounting
- Law → Contracts & Agreements
- Law → Civil Law & Disputes
- Law → Corporate Law & Regulation
- Finance → Auto & Home Insurance
- Civic Life & Public Services → Personal Tax Filing & Returns
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