Liability refers to the legal or financial responsibility for one’s actions, debts, or obligations. It denotes the state or condition of being legally accountable or answerable for any potential losses, damages, or legal claims. In essence, liability is the obligation to make restitution or compensation for harm caused or debts owed to others. It can arise in various contexts, including personal, business, and legal matters.
Sample sentences using the term “liability”:
- The company’s liability for the accident was determined in the court settlement.
- As a business owner, you need to be aware of your liability for any injuries that occur on your premises.
- The contractor assumed liability for any damages incurred during the construction project.
- The driver’s insurance policy covered the liability for the property damage caused by the car accident.
- The company faces potential liability if it fails to comply with industry regulations.
- The tenant signed a lease agreement accepting liability for any damages to the rental property.
- The medical professional carries liability for any malpractice claims resulting from negligence.
- The manufacturer recalled the product due to potential liability for injuries caused by a defect.
- In a partnership, each partner has joint and several liability for the debts and obligations of the business.
- The homeowner’s insurance policy provides liability coverage in case someone gets injured on their property.
Synonyms:
- Legal responsibility
- Financial obligation
- Burden of proof
- Accountability
- Indemnity
Antonyms:
- Immunity
- Exemption
Related words:
- Obligation
- Compensation
- Risk
- Damages
- Debt
- Responsibility
- Obligation
- Debt
- Burden
- Duty
- Accountability
- Answerability
- Blame
- Fault
- Guilt
Phrasal verbs:
- Assume liability
- Bear responsibility
- Accept accountability
Idioms:
- Be held liable
- Foot the bill
- Pay the price
- Shoulder the burden
- Take the rap
In conclusion, liability refers to the legal or financial responsibility for one’s actions, debts, or obligations. It signifies the obligation to make restitution or compensation for harm caused or debts owed to others. Liability can have significant implications in personal, business, and legal contexts, and it is essential to understand and manage potential liabilities appropriately. By being aware of their liabilities, individuals and organizations can mitigate risks, fulfill their obligations, and ensure compliance with legal and financial requirements.