Which term refers to the legal obligation or burden of responsibility for an act or decision?

The term that refers to the legal obligation or burden of responsibility for an act or decision is "liability." This concept implies that an individual or organization is legally responsible for the consequences of their actions or decisions, and it often comes into play in legal contexts where a party can be held accountable for damages or penalties resulting from their conduct.

Liability encompasses various areas, including contractual obligations and torts, and it reinforces the importance of ethical and responsible behavior in procurement and supply practices. When professionals understand their liability, they are more likely to engage in practices that uphold ethical standards and safeguard their organizations from potential legal issues.

The other terms listed, while related to responsibility in different contexts, do not capture the legal aspect of obligation as clearly as liability does. Regulatory obligation typically refers to compliance with specific laws and regulations, accountability emphasizes being answerable for actions, and burden of proof pertains to the obligation to provide evidence in legal or formal settings. Each plays a role in governance and ethics, but they do not replace the specific legal connotation that "liability" holds.