'Liability' definitions:

Definition of 'liability'

From: WordNet
noun
The state of being legally obliged and responsible
noun
An obligation to pay money to another party [syn: indebtedness, liability, financial obligation]
noun
The quality of being something that holds you back [ant: asset, plus]

Definition of 'Liability'

From: GCIDE
  • Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. Liabilities (-t[i^]z). [1913 Webster]
  • 1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law. [1913 Webster]
  • 2. 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. [1913 Webster]
  • Limited liability. See Limited company, under Limited. [1913 Webster]

Synonyms of 'liability'

From: Moby Thesaurus