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of <h1>Liability means being legally bound to do, pay, or make good something under law or equity</h1> Liability refers to the state of being bound or obliged in law or justice to do, pay, or make good something, constituting legal responsibility. Multiple legal dictionaries define it consistently as the condition of being answerable by law or equity. The term carries large and comprehensive significance, expressing the state of being under obligation in law or justice when construed in its usual and ordinary sense. Legal precedent confirms this broad interpretation of liability as encompassing various forms of legal obligations and responsibilities that parties may incur under different circumstances.
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