Definition of Liability
Liability
Li·a·bil·i·ty
Definition/Meaning
(noun)
A person or thing whose presence or behavior may cause harm or trouble.
e.g. The company considered the reckless employee a liability and decided to fire him.
(noun)
something for which one is responsible or liable;
e.g. A company's financial assets and liabilities.
(noun)
the presence or behavior of someone or something that is likely to put one at a disadvantage;
e.g. The scandal has made the senior associate a liability for the law firm, so the board voted to fire him.
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