Liability

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In the most general sense, a liability is anything that is a hindrance or puts an individual at a disadvantage. Although the term has very particular definition in the realm of finance, it is also used in non-finance contexts. The word liability may also refer to individual or an attribute or a component that puts a team or group at a disadvantage.

Liability may also refer to:

• liability (financial accounting), an obligation of an entity arising from past transactions or events
  • current liability
  • Long-term liabilities
• legal liability
• accrued liabilities
• public liability

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Look up liability in Wiktionary, the free dictionary.