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Definition of: liability
(lī′ə·bil′ə·tē) noun plural ·ties
1. The state of being liable, or exposed to some accidental or incidental result or occurrence: liability to disease.
2. The condition of being responsible for a possible or actual loss, penalty, evil, expense, or burden: liability for damages.
3. That for which one is liable; in the plural, debts as opposed to assets.
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