liability

liability

[līəbil′itē]

Etymology: L, ligare, to bind

1 something one is obligated to do or an obligation required to be fulfilled by law, usually financial in nature.

2 the amount of money required to fulfill a financial obligation.

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liability (lībil´itē),

n the state of being bound by law or justice to do something or to make good something; legal responsibility.

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liability

financial or legal responsibility.

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liability

Malpractice All character of obligation, amenability, and responsibility for an act before the law. See Corporate liability, Current liability, Limits of liability, Malpractice Product liability, Professional liability, Strict liability.