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Polish Nouns - Society, Part 54 Liability
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Liability |
Pronunciation : Li`a*bil"i*ty
Part of Speech : n.;
Definition : 1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl.,
Defn: the sum of one's pecuniary obligations; -- opposed to assets. Limited liability. See Limited company, under Limited.
pl. Liabilities (.
Source : Webster's Unabridged Dictionary, 1913
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