the state of being legally obliged and responsible
"As the sole signatory on the business account, he accepted full liability for any unauthorized transactions made by an employee."
an obligation to pay money to another party
"After losing the lawsuit, the company realized it was facing a massive liability for unpaid employee benefits."
the quality of being something that holds you back
"His constant need to second-guess every decision became a liability during the urgent crisis."
An obligation, debt or responsibility owed to someone.
"After signing the contract, I realized that paying off his outstanding mortgage was now my biggest liability."
In plain English: A liability is a debt or financial obligation that you owe to someone else.
"The old car is a financial liability because its repair costs are too high."
Usage: Use liability to describe a legal or financial obligation that requires you to pay money or perform a specific duty for someone else. Avoid confusing it with general responsibilities unless they involve a clear debt or legal claim.
The word liability comes from combining the root liable with the suffix -ity to form a noun indicating a state of being responsible or answerable. It entered English through Old French and Latin, evolving from a term meaning "bound" or "subject to an obligation."