Definition
Liability refers to the legal or financial responsibility for something, usually a debt or obligation. It can also refer to something that poses a risk or potential harm.
Pronunciation
US English
UK English
Part of Speech
Noun.
Synonyms
responsibility, accountability, obligation, burden, encumbrance, disadvantage, drawback, risk.
Antonyms
Asset, advantage, benefit, gain, profit, resource, edge, boon.
Word Forms
| Part of Speech | Words |
|---|---|
| Noun | liabilities, liability |
| Verb | None |
| Adjective | liable |
| Adverb | None |
Example Sentences
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The company’s financial liability increased significantly after they lost the lawsuit.
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If you don’t pay your taxes, you will face legal liability and potential penalties.
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His reckless behavior made him a liability to the team.
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Owning a home can be a great asset, but it also comes with the liability of having to pay for maintenance and repairs.
Usage
The word ’liability’ is most commonly used to refer to legal or financial responsibility for something. It is often used in business or legal contexts, such as when discussing contracts or insurance policies. For example, a company may have liability insurance to protect against potential legal claims, or a business may have a liability clause in a contract to protect against losses resulting from a breach of contract.
The word ’liability’ can also be used to refer to something that poses a risk or potential harm. For example, if an employee is often absent or makes mistakes that could lead to legal action against the company, they may be considered a liability. Additionally, a product that is known to be dangerous or faulty can be considered a liability for the manufacturer or seller.
The suffix ‘ity’ is commonly used in English to create abstract nouns from adjectives or other nouns. In the case of ’liability’, the root word ’liable’ is an adjective that means ’legally responsible for’ or ’likely to do something’. The suffix ‘ity’ turns this adjective into a noun that refers to the quality or fact of being liable.
There are a few variations of the word ’liability’ that are commonly used in related contexts. For example, ‘financial liability’ refers specifically to the responsibilities and obligations associated with finances or money. ‘Legal liability’ refers to the responsibility or obligation to comply with laws and regulations. In some industries, such as healthcare, the term ‘professional liability’ may be used to refer to the responsibility of professionals to provide care or services that meet certain standards.
In conclusion, the word ’liability’ is a common term used to describe legal or financial responsibility for something. It can also refer to something that poses a risk or potential harm. The suffix ‘ity’ is commonly used to create abstract nouns from adjectives, and ’liability’ is a good example of this. Understanding the various contexts and nuances of the word ’liability’ is important in many industries, especially those that involve contracts, insurance, or legal matters.