Liability
Definition 1 of 4
Pro Tip 1/3
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.
Pro Tip 2/3
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.
Pro Tip 3/3
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.