A contingent liability is an estimated liability, with the dollar amount of the liability dependent on a future event arising out of a past transaction.

Name: A contingent liability is an estimated liability, with the dollar amount of the liability dependent on a future event arising out of a past transaction.
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A contingent liability is a potential obligation that may occur depending on the outcome of a future event, which is linked to a past transaction or event.

A Contingent Liability Is an Estimated Liability, with the Dollar