Liability: meaning, definitions and examples
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liability
[ˌlaɪəˈbɪləti ]
Definition
legal term
The state of being responsible for something, especially by law. Liability can refer to financial obligations, legal responsibilities, or debts that must be paid.
Synonyms
accountability, obligation, responsibility.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| liability |
Used often in legal and financial situations to describe being legally responsible for something, often with potential for negative consequences or penalties.
|
| responsibility |
Denotes the state of having a duty to deal with something or of having control over or care for someone, used broadly in personal, professional, and ethical contexts.
|
| obligation |
Describes a duty or commitment, often moral or legal, that compels someone to act in a certain way.
|
| accountability |
Refers to the state of being answerable or responsible for an action or decision, often in a professional or ethical context.
|
Examples of usage
- Business owners have a liability to ensure the safety of their customers.
- If you are found liable for damages, you may have to pay compensation.
- Liability insurance can protect individuals and businesses from potential legal claims.
- The company's liability exceeded its assets.
- An accountant can help you understand your financial liabilities.
Interesting Facts
Etymology
- The word 'liability' comes from the Latin 'ligare', meaning 'to bind', signifying how responsibilities can tie you down.
- It became common in English around the 18th century, originally used in legal contexts.
- Related terms include 'liable', which means being responsible for something.
Finance
- In finance, liabilities are debts or obligations that a person or company owes to others.
- Common types of liabilities include loans, accounts payable, and mortgages.
- Balancing liabilities with assets is crucial for understanding financial health, represented in a balance sheet.
Legal
- Liability is a major concept in law, often involving negligence or responsibility for harming someone.
- In many cases, having insurance can protect you from liability in case of accidents.
- Certain professions might face higher liability risks, such as doctors or lawyers due to their specialized expertise.
Psychology
- The term also appears in psychological contexts, where feeling a sense of liability can lead to stress or anxiety.
- People may avoid situations due to perceived liabilities, impacting their decision-making.
- Understanding one’s liabilities can lead to personal growth, as it encourages accountability and responsibility.
Pop Culture
- The idea of liability is often dramatized in movies where characters face the consequences of their actions.
- Reality TV shows sometimes showcase how liabilities can affect relationships, especially in financial decisions.
- Songs and media may use the term to describe the burdens individuals carry in their lives.
Translations
Translations of the word "liability" in other languages:
🇵🇹 responsabilidade
🇮🇳 जिम्मेदारी
🇩🇪 Verantwortung
🇮🇩 tanggung jawab
🇺🇦 відповідальність
🇵🇱 odpowiedzialność
🇯🇵 責任 (せきにん)
🇫🇷 responsabilité
🇪🇸 responsabilidad
🇹🇷 sorumluluk
🇰🇷 책임 (chaegim)
🇸🇦 مسؤولية
🇨🇿 odpovědnost
🇸🇰 zodpovednosť
🇨🇳 责任 (zérèn)
🇸🇮 odgovornost
🇮🇸 ábyrgð
🇰🇿 жауапкершілік
🇬🇪 პასუხისმგებლობა
🇦🇿 məsuliyyət
🇲🇽 responsabilidad