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li·a·bil·i·ty  (l-bl-t)
n. pl. li·a·bil·i·ties
1. The state of being liable.
a. Something for which one is liable; an obligation, responsibility, or debt.
b. liabilities The financial obligations entered in the balance sheet of a business enterprise.
3. Something that holds one back; a handicap.
4. Likelihood.

liability  /lablti/  n. 1 a legal obligation, such as to pay debts and damages: Insurance companies had huge liabilities to pay because of the hurricane damage. 2 disadvantage, drawback: The store has excellent products, but its bad location is a big liability. See: asset. liability

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