Liability

usgb/ˌlaɪəˈbɪləti/Volume
Left Definition 1 of 4Right
LampPro Tip 1/3
Legal SignificancePlay
In law, liability comes with consequences. It means owing a duty that, if unmet, can lead to lawsuits or penalties. SlideIf they prove negligence, you might face legal liability.
LampPro Tip 2/3
Not Always NegativePlay
'Liability' sounds negative but in legal terms, it simply refers to a bound duty or obligation, not a fault. SlideAs a director, she accepted her liability for the company's actions.
LampPro Tip 3/3
Beyond MoneyPlay
Liability isn't just about financial responsibilities; it covers any legal responsibility, like safety obligations. SlideThe landlord has liability for tenant's safety.