Contingent Liabilities Are Recorded or Disclosed Unless They Are

question 194

Multiple Choice

Contingent liabilities are recorded or disclosed unless they are:

• A) Possible and estimable.
• B) Probable and not estimable.
• C) Probable and estimable.
• D) Remote.
• E) Reasonably possible.

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Definitions:

Voidable

A legal term referring to a transaction or agreement that is valid until one of the parties involved decides to void it.

Implied in Fact Contract

A contract formed by the behavior and circumstances of the parties involved, even without explicit agreement.

Invalidating Conduct

Actions or behaviors that can nullify or make a legal agreement unenforceable.

Legal Remedy

The means by which a court of law enforces a right, imposes a penalty, or makes another court order to impose its will.