Home > Terms > English, UK (UE) > Liability
Liability
An obligation, duty or responsibility to do something or to refrain from doing something is called a liability. This can be created by a contract, or by status, or by conditions of social living. An obligation to pay money on breach of contract or for committing a tort is also a liability.
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- Part of Speech: noun
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- Industry/Domain: Law
- Category: General law
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