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Definitions from the Web

Term: Liability

Description:

Liability refers to the legal responsibility for one's actions or debts. It is an important concept in law and finance, highlighting the obligations and potential risks individuals or entities may have.

Sample Sentences:

1. As a business owner, you must be aware of your liability for any accidents or injuries that occur on your premises.

2. The company's liability insurance protected them from financial losses caused by the customer's accident.

3. In accounting, liabilities are recorded on the balance sheet to represent debts and obligations owed by a company.

4. John signed a personal guarantee form, accepting liability for the loan in case the company failed to repay it.

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