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From The Collaborative International Dictionary of English v.0.44 [gcide]:
Liability \Li'a*bil"i*ty\ (l[imac]'[.a]*b[i^]l"[i^]*t[y^]), noun; pl. {Liabilities} (-t[i^]z).
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., the sum of one's pecuniary obligations; -- opposed to {assets}.
{Limited liability}. See {Limited company}, under {Limited}.
From WordNet (r) 2.0 [wn]:
liability
noun
1: the state of being legally obliged and responsible
2: an obligation to pay money to another party [syn: {indebtedness}, {financial obligation}]
3: the quality of being something that holds you back [ant: {asset}]
From Moby Thesaurus II by Grady Ward, 1.0 [moby-thes]:
126 Moby Thesaurus words for "liability": a thing for, accountability, accountableness, accounts payable, accounts receivable, affinity, amenability, amount due, answerability, answerableness, aptitude, aptness, arrearage, arrears, bad debts, barrier, bent, bias, bill, bills, borrowing, burden, cast, chance, charges, chits, conatus, conduciveness, damage, debit, debt, dedication to duty, defenselessness, delight, detriment, devotion to duty, diathesis, disadvantage, disposition, drawback, due, dues, duteousness, dutifulness, eagerness, encumbrance, expectation, exposure, fair expectation, favorable prospect, feeling for, financial commitment, floating debt, funded debt, good chance, handicap, harm, helplessness, hindrance, hitch, hurt, impairment, impediment, inclination, incumbency, indebtedness, indebtment, injury, leaning, likelihood, likeliness, liking, loss, loss of ground, maturity, mischief, nakedness, national debt, nonimmunity, obligation, obstacle, obstruction, odds, onus, openness, outlook, outstanding debt, penchant, pledge, predilection, predisposition, prejudice, presumption, presumptive evidence, probabilism, probability, proclivity, proneness, propensity, prospect, public debt, readiness, reasonable ground, reasonable hope, responsibility, responsibleness, score, sense of duty, sense of obligation, sensitivity to, snag, soft spot, step backward, susceptibility, tendency, tropism, turn, twist, uncollectibles, unfulfilled pledge, verisimilitude, vulnerability, warp, weakness, well-grounded hope, willingness
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