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What is contingent liability?
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Answer Posted / sreenivasan.m.p
contingent liability is a potential liability…it depends
on a future event occurring or not occurring. For example,
if a parent guarantees a daughter’s first car loan, the
parent has a contingent liability. If the daughter makes
her car payments and pays off the loan, the parent will
have no liability. If the daughter fails to make the
payments, the parent will have a liability.
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