Liability Definition and Legal Meaning

(n) Liability is the legal responsibility to make good the loss, damage, shortage occurred to a person, entity, property etc by the action or failure of the person responsible to do such acts or legally accountable for such action or non action. Eg. a person carelessly leave his vehicle on a slop, it slips down to an adjacent shop injuring the shopkeeper, then the owner of the vehicle is also liable for the damages