Definition: An obligation, debt or responsibility owed to someone.
Alright class, settle down now, let’s take a look today, At a tricky word that can lead you astray! We’ve got “Liability” on the board, it’s true, Let's break it down for me and for you. The dictionary tells us, clear and bright, “An obligation, debt, or responsibility’s light.” Think of it like this: a liability is something that might cost you, see? Like owing money, or a duty to decree. It's an obligation - a promise you embrace, A debt you owe with careful pace. And finally, a responsibility , a task you must attend, Something you’re bound to do until the very end! So, when you hear “liability,” don’t be in a fright, It simply means something needs your focused light. Does that make sense? Any questions for me now? Let's discuss it further – show me how!