What does "liability" mean?
Liability: That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., the sum of one's pecuniary obligations; -- opposed to assets. Limited liability. See Limited company, under Limited.
Sources
- Webster's Unabridged Dictionary, 1913 edition (public domain, via GCIDE / Project Gutenberg).
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- Published: 2026-07-17T00:00:00-07:00 · Modified: 2026-07-17T00:00:00-07:00