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What does liability mean?

Looking for the meaning or definition of the word liability? Here's what it means.

Noun
  1. The condition of being liable.
  2. An obligation, debt or responsibility owed to someone.
  3. A handicap that holds something back.
  4. The likelihood of something happening.
  5. Someone or something that is a burden to whoever is required to take care of them; an individual or action that exposes others to greater risk.
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Examples
He noted down on a papyrus or an ostraka a full record of the grain measured so that a definite tax liability could be determined.
How does that fit in with the liability of, say, a solicitor for giving advice, or a barrister for giving chambers opinions?
The scope of the landlord's liability is circumscribed by the class of persons seeking to lease or sublease the premises.
Owner enjoys limited liability for business debts and fringe benefits are deductible as business expenses.
Rather, liability for injuries has been extended beyond any reasonable definition of causation.
Bareboat charterers are responsible for every detail of a vessel's operation, including finding a crew and assuming liability for accidents.

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