True, generally, liability refers to the measurable obligation arising from agreements, contracts, laws etc
In law, liability is use to referred to the obligation owed to another person who have suffered damages or injuries as a result of action of the defendant.
In accounting, liability is used to explain the obligation of payment owed to suppliers, creditors, business partners etc.
Therefore, in general, liability is the term used to describe the measurable obligation arising from agreements, contracts, laws.
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