Liability

Look up liability in Wiktionary, the free dictionary.

A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something someone is responsible for, or something that increases the chance of something occurring (i.e., it is a cause).

Liability may also refer in specific fields to:

• Legal liability, the legal bound obligation to pay debts
• Public liability, part of the law of tort which focuses on civil wrongs

Finance

• Liability (financial accounting), a current obligation of an entity arising from past transactions or events
• Accrued liabilities and contingent liability
• Current liability
• Long-term liabilities, liabilities with a future benefit over two months

Other uses

• The Liability, 2013 film