What term describes an individual or organization's legal responsibility?

Liability refers specifically to the legal responsibility that an individual or organization has for their actions or omissions that may cause harm or damage to another party. It encompasses the obligation to compensate for harm caused and is recognized by law. In legal contexts, when someone is held liable, it signifies that they are required to fulfill duties that arise from legal standards or stipulated agreements.

The term 'accountability' is more about the obligation to explain or justify actions to stakeholders rather than legal responsibility, whereas 'responsibility' is a broader concept that could pertain to moral or social obligations. 'Ownership' refers to having control over or possession of something but does not inherently involve legal liabilities. Therefore, the term that most accurately captures the idea of legal responsibility is liability.