Contingent Liabilities Arise from Past Transactions,but Depend on Future Events

question 207

True/False

Contingent liabilities arise from past transactions,but depend on future events.

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Definitions:

Liability

A legal responsibility or obligation, typically involving financial restitution.

Strict Liability

A legal doctrine that holds an individual or entity responsible for their actions or products, without the plaintiff needing to prove negligence or fault.

Criminal Negligence

A reckless disregard for the safety or lives of others, which is so severe it is considered a criminal offense.

Criminal Recklessness

The act of knowingly engaging in conduct that poses a substantial and unjustifiable risk of harm to others.