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Liability Defined liability  is an existing debt or obligation of a company. It is an amount owed to  a third-party creditor that requires something of value, usually cash, to be  transferred to the creditor to settle the debt. Most obligations are known amounts  based on invoices and contracts; some liabilities are estimated because the 
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This note was uploaded on 12/25/2011 for the course FIN 3312 taught by Professor Staff during the Spring '08 term at Texas State.

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