liability

1. liabilities,
   1. moneys owed; debts or pecuniary obligations (opposed to assets).
   2. Accounting.liabilities as detailed on a balance sheet, especially in relation to assets and capital.
2. something disadvantageous: His lack of education is his biggest liability.
3. Also li·a·ble·ness. the state or quality of being liable: liability to disease.

noun plural -ties

1. the state of being liable
2. a financial obligation
3. a hindrance or disadvantage
4. likelihood or probability

n.1790, originally a term in law; “condition of being legally liable;” see liable + -ity. General sense is from 1809; meaning “thing for which one is liable” is first attested 1842. Related: Liabilities. An obligation or debt.
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