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Liability vs Warranty - What's the difference?

liability | warranty | Related terms |

As nouns the difference between liability and warranty

is that liability is the condition of being liable while warranty is security; warrant; guarantee.

As a verb warranty is

to warrant; to guarantee.

liability

English

Noun

(wikipedia liability) (liabilities)
  • the condition of being liable.
  • an obligation, debt or responsibility owed to someone.
  • * 1901 , , (w, The Monkey's Paw)
    • "I was to say that Maw and Meggins disclaim all responsibility," continued the other. "They admit no liability at all, but in consideration of your son's services they wish to present you with a certain sum as compensation."
  • a handicap that holds one back.
  • the likelihood of something happening.

    • Antonyms

    * asset

    Derived terms

    * enterprise liability * secondary liability * vicarious liability

    warranty

    English

    Noun

    (warranties)
  • Security; warrant; guarantee.
    • The stamp was a warranty of the public. -(John Locke).
  • (obsolete, legal) A covenant real, whereby the granter of an estate of freehold and his heirs were bound to warrant and defend the title, and, in case of eviction by title paramount, to yield other lands of equal value in recompense. This warranty has long since become obsolete, and its place supplied by personal covenants for title. Among these is the covenant of warranty, which runs with the land, and is in the nature of a real covenant.
  • (legal) An engagement or undertaking, expressed or implied, that a certain fact regarding the subject of a contract is, or shall be, as it is expressly implied or promised to be. In sales of goods by persons in possession, there is an implied warranty of title.
  • (insurance law) A stipulation or engagement by a party insured, that certain things, relating to the subject of insurance, or affecting the risk, exist, or shall exist, or have been done, or shall be done. These warranties, when expressed, should appear in the policy; but there are certain implied warranties.
  • (rare) Justifying mandate or precept; authority; warrant. Shakespeare
    • If they disobey precept, that is no excuse to us, nor gives us any warranty . . . to disobey likewise. -Kettlewe.

    Synonyms

    * guarantee * warrant

    Verb

    (en-verb)
  • To warrant; to guarantee.

    • References

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