say it: lahy-uh-BIL-i-tee
liability is a noun meaning "the state of being legally obliged and responsible". It carries 3 recorded senses.
the state of being legally obliged and responsible
an obligation to pay money to another party
the quality of being something that holds you back
Forms marked · are formed by the regular rule rather than recorded in the source data. English keeps a few hundred irregulars and the rest follow the pattern, so the rule is right far more often than not — but it is a rule, and the mark says so.
Definitions, synonyms and semantic relations for liability come from Princeton University’s WordNet. The pronunciation comes from the CMU Pronouncing Dictionary. Commonness is measured against a corpus of everyday English. Full sources and licences.