Final answer:
Liability is the automatic responsibility for damages due to possession and/or use of inherently dangerous equipment, materials, or possessions.
Step-by-step explanation:
In the context of law, the automatic responsibility for damages due to possession and/or use of equipment, materials, or possessions that are inherently dangerous is called liability. Liability refers to the legal obligation to compensate for any harm or damage caused by the use or possession of dangerous items. This concept holds individuals, organizations, or manufacturers responsible for any negative outcomes resulting from the inherent risks associated with the use of such items.