liability (n.)

mid-15c., "bound or obliged by law," probably from Anglo-French *liable, from Old French lier "to bind, tie up, fasten, tether; bind by obligation" (12c.), from Latin ligare "to bind, to tie" (from PIE root *leig- "to tie, bind"). With -able. Perhaps from an unattested word in Old French or Medieval Latin. General sense of "exposed to" (something undesirable) is from 1590s. Incorrect use for "likely" is attested by 1850.

word-forming element making abstract nouns from adjectives and meaning "condition or quality of being ______," from Middle English -ite, from Old French -ete (Modern French -ité) and directly from Latin -itatem (nominative -itas), suffix denoting state or condition, composed of -i- (from the stem or else a connective) + the common abstract suffix -tas (see -ty (2)).

Roughly, the word in -ity usually means the quality of being what the adjective describes, or concretely an instance of the quality, or collectively all the instances; & the word in -ism means the disposition, or collectively all those who feel it. [Fowler]