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Definition

Liability

Liability is legal responsibility or obligation for the injury or damage suffered by another person.


Liability is the claims against assets by creditors.

Webster Dictionary Meaning

1. Liability
- The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
- That which one is under obligation to pay, or for which one is liable.
- the sum of one's pecuniary obligations; -- opposed to assets.
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