Pronunciation: (lī"u-bil'i-tē), [key]
a. moneys owed; debts or pecuniary obligations (opposed to assets).
b. Accounting.liabilities as detailed on a balance sheet, esp. in relation to assets and capital.
2. something disadvantageous: His lack of education is his biggest liability.
3. Also,li'a•ble•ness.the state or quality of being liable: liability to disease.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.