
Liability
Legal Significance
In law, liability comes with consequences. It means owing a duty that, if unmet, can lead to lawsuits or penalties.
If they prove negligence, you might face legal liability.
Not Always Negative
'Liability' sounds negative but in legal terms, it simply refers to a bound duty or obligation, not a fault.
As a director, she accepted her liability for the company's actions.
Beyond Money
Liability isn't just about financial responsibilities; it covers any legal responsibility, like safety obligations.
The landlord has liability for tenant's safety.