liability

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Liability

A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

liability

An obligation to pay an amount in money, goods, or services to another party. The balance sheet lists the liabilities. Also called debt. Compare asset. See also contingent liability, current liability.

Liability.

In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt.

When you figure your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own.

In business, liabilities refer to money a company owes its creditors and any claims against its assets.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example, a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

(1) A debt or obligation. (2) A potential loss,such as a poorly trained,poorly supervised real estate agent who may be a liability.

References in classic literature ?
Our reason for taking the water route was, that we were less liable to be suspected as runaways; we hoped to be regarded as fishermen; whereas, if we should take the land route, we should be subjected to interruptions of almost every kind.
Should the damage be equal on each side, the war is considered as honorably concluded; should one party lose more than the other, it is entitled to a compensation in slaves or other property, otherwise hostilities are liable to be renewed at a future day.
You," said the Pumpkinhead, gloomily, "are liable to live for many years.
There remained so little space for the King that he was liable to fall off as soon as the horse started.
When driving about, he felt that he was held liable by the police for anything that might occur in the streets, and was the common prey of all energetic officials.
If that kills them, you will be liable to prosecution for murder.
Besides, he did not have to be wound up, and was not liable to get out of order.
and to him is given the palm in the middle-class of speech' is just, but is liable to give a wrong impression.
The same author and some botanists have further remarked that multiple parts are also very liable to variation in structure.
But are the rulers of states absolutely infallible, or are they sometimes liable to err?
But as the priceless treasure too frequently hides at the bottom of a well, it needs some courage to dive for it, especially as he that does so will be likely to incur more scorn and obloquy for the mud and water into which he has ventured to plunge, than thanks for the jewel he procures; as, in like manner, she who undertakes the cleansing of a careless bachelor's apartment will be liable to more abuse for the dust she raises than commendation for the clearance she effects.
And to say the truth, there is no conduct less politic, than to enter into any confederacy with your friend's servants against their master: for by these means you afterwards become the slave of these very servants; by whom you are constantly liable to be betrayed.