What does liability mean Meaning and Definition
What does liability mean
Pronunciation
/laɪəˈbɪləti/
Part of Speech
Noun
Definition
A legal obligation to pay or make restitution, as for a wrong or injury caused by one’s or another’s actions, negligence, or breach of duty, which can involve financial compensation, repair, or restoration of the affected party.
Examples
- The company faced liability for the toxic waste spill in the nearby river.
- The doctor is liable for the patient’s medical error, which resulted in permanent damage.
Synonyms
- Risk
- Responsibility
Antonyms
- Freedom from liability
- Exemptions
Etymology
The word “liability” originated from the Latin “liabilis”, meaning “worth, fit, or deserving”, and was influenced by the Old French “liabilite”, referring to the capacity to pay.
Usage Notes
Liability can be used in various contexts, including legal, insurance, financial, and personal settings. When discussing liability, it is essential to consider the specific circumstances and circumstances surrounding the situation.
Additional Information
Liability can be assumed through various means, such as contracts, agreements, or laws. In the context of personal relationships, liability can refer to the moral obligation to take responsibility for one’s actions or the well-being of others. In recent years, liability has become a significant concern in the digital age, particularly regarding data privacy and cybersecurity.
Idiomatic Expressions or Phrases
Without liability, no responsibility, meaning that one cannot be held accountable for their actions or decisions without the capacity to pay or make restitution.
Related Words or Phrases
Ancillary liability, vicarious liability, joint and several liability, strict liability
Collocations
Commercial liability, criminal liability, civil liability, legal liability
Frequency of Use
Liability is a commonly used term in various contexts, particularly in legal, financial, and insurance industries. It is essential to understand the nuances of liability to navigate modern life effectively.
Common Misspellings
Liabiltiy, Liabilty, Liablitity