|“|| Liam: So, what do you say? Let's run away together, baby. Me and you.|
Fallon: Till the end of time.
|— Liam and Fallon in "You See Most Things in Terms of Black & White"|
The relationship between Fallon Carrington and Liam Ridley began when Fallon hired Liam to be her husband to prevent her marriage to Jeff Colby. However, their relationship became a romantic one when Liam fell in love with Fallon. Initially, she rejected Liam and decided to pursue a relationship with Michael. She regretted such a decision and admitted her feelings for Liam.
Liam first appeared in the the first season, as Sam's fake date to Fallon's wedding, but was later revealed as also being Fallon's "husband" in a convoluted plan concocted by Fallon to circumvent the Colbys' attempt for revenge on the Carringtons. ("Our Turn Now") However, Fallon and Liam's relationship does not end after their fake marriage fulfills its purpose, and after a series of ups and downs, Fallon and Liam realize their love for each other, though hurdles between their love are never-ending.
In the third season, Liam loses his memory after having been struck in the head by Adam Carrington in the season two finale. ("Guilt Trip to Alaska") Consequently, at first, he completely forgets Fallon and his relationship with her, but as the episodes proceed, he finally gets his memory back and confesses his love for her again. ("A Used Up Memory") Amid all the drama, Fallon also starts dating Evan Tate but eventually chooses Liam definitively.
Fallon hooked Sam up with a date for her wedding to Jeff Colby. The date's name was Liam Ridley, a socialite.
At the wedding, Liam and Sam talked and got to know each other. Liam then said that they didn't have anything in common, much to Sam's chagrin. Liam clarified that he wasn't gay and that Sam should ask Fallon why she set them up.
After her wedding, Fallon and Jeff signed their contracts gifting each other shares in their respective companies. Jeff made a snide comment to Blake about him not winning them all, to which Fallon said that she could. In her contract, 25% of shares to Carrington Atlantic were only given to Jeff when they were legally married. Unfortunately, bigamy wasn't legal in Georgia. She announced she was already married to Sam's date, Liam.
In a flashback, Fallon first encountered Liam outside of a courthouse in Georgia. He approached her about why she was looking glum and jokingly asked if it was a bad driver's license photo. He took a seat next to her on the bench and assured her it couldn't be worse than his as he offered her a tissue. She rejected and claimed that it would take more than his diseased tissue to clean up the mess she made. She then concocted a plan and asked him he was in the market for the biggest payday of his life. The pair went into the courthouse and became legally married, so she wouldn't have to marry Jeff Colby and give him 25% of her shares to Carrington Atlantic.
In the present, Jeff, Blake, Cristal, and Sam all learned that Fallon marrying Jeff was just a facade. She happily stated that the clause in her contract was that if they were legally married she would give 25% of her shares to Jeff. Because she was already married to Liam, her contract was voided, but Jeff's wasn't - meaning Fallon now had shares in Morrell Corp and Colby Co.
Fallon and Liam keep the facade of their marriage going. During a visit from Liam's uncle Max, Fallon and Liam hug in front of Culhane and Max. Upon insistence from Max, the "couple" share a cheek kiss. This still doesn't appease Max, who insisted that Liam give Fallon a more passionate kiss. They kiss to silence Max, which makes Culhane and Fallon both visibly uncomfortable. Max assured Liam that he would have plenty of time to cultivate a sex-craved marriage.
That night, Fallon had a dream where she was showering with Culhane and apologizing for kissing Liam. She didn't want her forced arrangement with Liam to hurt him. Michael assured her that it was okay and that whatever she needed to do was fine with him. Liam appeared behind her and repeated what Michael said as he kissed her shoulder. She woke up from the dream with a gasp.
A reporter mentions how Fallon Carrington’s on-again, off-again boy toy, Liam Ridley is in critical condition following a narrow escape from drowning.
Fallon visits an unconscious Liam at the hospital. Ashley is there, having been told what happened through Laura Van Kirk. She’s in Europe apparently and asked Ashley to keep an eye on Liam. After Fallon steps out of Liam’s room, Adam walks in dressed in a lab coat. He smirks and takes out a syringe, and is just about to put whatever is in the aforementioned syringe into Liam’s IV, but Fallon walks in before he can. He puts the syringe back in his pocket, and turns around. Revealing himself to Fallon. She gasps and thinks he was there to kill Liam. He lies and says that he was actually there to check in on him because of how worried she seemed.
Later on, Fallon is talking to Liam once again, and he finally wakes up, but she is taken aback to hear that he doesn't remember or recognize her. It is clear that he has lost his memories of Fallon, as a result of the head injury. A balloon pops in the distance.
Fallon has moved on. She told Liam she was going to do it and she was. She was moving on with Evan Tate. However, Liam approaches Fallon and tells her that he's been getting his memory back and is wondering if Fallon could help him. He asks Fallon if they could go out to dinner together in the hope of it helping him to remember. He has to guilt-trip her into doing it and this creates a problem for Fallon: she had to cancel plans she had with Evan and his mother.
Their date is not a success. His feelings and memories do not come back. Evan confronts Liam and tells him to stay away from Fallon.
Later, Liam tells Fallon he remembers he loves her, and they are back together.
Liam and Fallon are staying at La Mirage where they have been having plenty of sex. Liam still can’t believe he saw the day Fallon left the manor and she admits that hotel life has become mundane. He invites her to his place but she doesn’t want to sleep in the same bed as Ashley did and reveals her decision to buy a house. She wants to buy a house for herself as she’s never lived alone and wants to experience it. He thought they were on the path of living together but assures him this is just a stop, not a permanent destination. She asks for his help to which he agrees and they kiss.
Things don't go as planned at the open house, and Fallon learns that Mrs. Winslow, the owner, wants to sell to a family. Liam suggests writing Mrs. Winslow a letter expressing how much the house means to Fallon. Later, Fallon tells Liam her letter to Mrs. Winslow worked, but she had to embellish a little. Fallon told Esther she has a husband and children. Liam and Fallon argue over what she calls the “technicalities” of their dinner with Esther that evening. He wants to know why the house is so important and she tells him that when Alexis and Blake were fighting she would peak in the window and see what a normal family was like. It made her realize that things could be different or better. He recommends telling Mrs. Winslow the truth which she agrees to - with his help.
Fallon arrives at the Winslow house with a minivan after deciding the truth wasn’t good enough. She goes as far as renting Tony the gardener’s children for the night to pretend to be her daughter and son. She made a generous donation to their college funds in return for their cooperation. They get an extra twenty dollars for calling her “mommy”. Liam thinks the idea won’t work but she begs him to help her as they won’t be lying, Mrs. Winslow, will merely assume that they are the parents.
Fallon is elated that Esther loves the family but Liam isn’t so thrilled and wants to leave. They soon start arguing when Liam isn’t happy with this being their future as he doesn’t want children while she does. They fight in front of Mrs. Winslow under the guise of arguing about wanting trees. Esther says she has a gardener but he doesn’t work at night, as Fallon thinks she might need a “night gardener” to help care for the “trees”. Liam tells Esther that it isn’t about the trees themselves as much as the assumption that they both want trees. Fallon’s plan quickly unravels as the truth is revealed to Esther, who angrily tells Fallon to get the hell out of her house.
Fallon and Liam discuss their future, their relationship, and having children. She assures him that if it comes down to Liam or children she chooses him. They decide to see where life takes them before making decisions on children or a house.
Fallon: (gasps) Liam. Are you suggesting that we go someplace exotic, where you'll rip off my clothes, and we'll finally have sex? Because I'll be wearing something sheer and expensive.
Liam: And you wouldn't want me to rip it?
Fallon: I just need to know if I should pack two.
Fallon: I'll pack three. ("New Lady in Town")
Liam: So how about you deal with the team stuff, let me help with Femperial?
Fallon: No way, that's not your job.
Liam: I know it's not. But it's important to you. And besides, business talk is kind of sexy. ("Thicker Than Money")
Fallon: I realized something that you knew immediately. You are my one, Liam. ("Deception, Jealousy, and Lies")
Fallon: All of it, but mostly you. All this forced introspection has made me look at us, too. And everything we've survived. I mean, a fake marriage, a fake divorce, our mom's, your pervy uncle, a basic ex-girlfriend, Twitter trolls... And now, the scariest test of all. Our pasts. But I think that if we can survive that we can do anything. Together. ("Deception, Jealousy, and Lies")
Liam: Damn. I should go away on more writing retreats.
Fallon: I’ve always wanted kids and I think that you and I could do it right. But, if it’s a choice between you and children, I mean... Liam, I choose you.
- Liam lost his memories of Fallon and the past two years of his life in the season three episode, "Guilt Trip to Alaska". He regained them in "A Used Up Memory".
- Fallon and Liam have been legally married once (as a loophole for Fallon's contract), divorced, and engaged twice.
- They have each proposed to one another once.
- Liam's book, The Biggest Payday, is about his relationship with Fallon.