Liability Meaning and Definition
Liability
Pronunciation
/laɪəˈbɪlɪti/
Part of Speech
Noun
Definition
A person, thing, or situation that causes a financial or social loss or disadvantage, especially one that is unintended or unforeseen.
Examples
- The company’s liability for the environmental damage was significant.
- In some cases, a pre-existing medical condition can be a liability for an insurance policy.
Synonyms
- Responsibility
- Blame
Antonyms
- Asset
- Advantage
Additional Information
A liability can be a financial obligation, such as a loan or debt, or a social or moral responsibility, such as a sense of duty or obligation. In business, liabilities are typically listed on the balance sheet as a deduction from assets to determine net worth. In personal relationships, liabilities can refer to past mistakes or actions that have caused harm or damage to others.
Liability can also refer to the legal concept of being responsible for another person’s actions or mistakes. For example, a parent may be liable for their child’s actions, or a company may be liable for its employees’ negligence.
Etymology
The word “liability” comes from Latin “liabilis,” meaning “liable” or “answerable for,” which is derived from “liere,” meaning “to bind” or “to obligate.”
Usage Notes
In formal writing and oral communication, it’s common to use “liability” in a neutral or objective sense, without emotional connotation. However, in some contexts, the word can be used to imply blame or responsibility, especially in criminal or legal situations.
Cultural References
The concept of liability has been featured in numerous films, TV shows, and books, often in the context of business or personal responsibility. For example, the 2010 film “The Social Network” explores the liability of Facebook’s founders for intellectual property infringement.
Idiomatic Expressions or Phrases
A liability is often referred to as a “liability issue” or a “liability problem,” emphasizing the difficulty or challenge of managing or overcoming the responsibility or obligation.
Related Words or Phrases
Other words and phrases closely related to “liability” include “responsibility,” “obligation,” “commitment,” and “debt.”
Collocations
Common collocations with “liability” include “financial liability,” “personal liability,” “criminal liability,” and “civil liability.”
Frequency of Use
The word “liability” is relatively common in formal writing and business contexts, particularly in finance, law, and insurance. However, it’s less frequently used in informal conversation or creative writing.
Common Misspellings
A common misspelling of “liability” is “liabelity” or “liabiliy.”