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Definition of liability:

  1. That which one is under obligation to pay, or for which one is liable.
  2. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
  3. the sum of one's pecuniary obligations; - opposed to assets.

Synonyms:

amenableness, burden, balance, contract, account, pay, owing, encumbrance, contingency, misfortune, openness, freedom, vulnerableness, remainder, financial obligation, lease, compulsion, due, onus, exemption, amenability, indebtedness, exposure, protection, involvement, susceptibleness, accident, accountability, arrearage.

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