liability

Definitions

General English

  • noun something or someone who causes problems or makes you feel embarrassed

Accounting

  • noun responsibility for a payment such as the repayment of a loan

Commerce

  • noun someone or something which represents a loss to a person or organisation

Construction

  • A situation in which one party is legally obligated to assume responsibility for another party's loss or burden. Liability is created when the law recognizes two elements: the existence of an enforceable legal duty to be performed by one party for the benefit of another, and the failure to perform the duty in accordance with applicable legal standards.

Law

  • noun the fact of being legally responsible for paying for damage or loss incurred

Politics

  • noun the state of being legally responsible for paying for damage or loss

Real Estate

  • noun legal responsibility for something, especially costs or damages
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