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State the Three Conditions Required for a Contingent Liability to Exist

question 18

Essay

State the three conditions required for a contingent liability to exist.


Definitions:

Copyright

A legal term that grants the creator of original work exclusive rights to its use and distribution, often for a limited time.

Respected Authorities

Individuals or organizations recognized for their expertise and trusted influence in a particular field or subject matter.

Financially Benefit

To gain monetary advantage or profit from a particular action or situation.

Biased

Showing an unfair preference or prejudice towards someone or something.

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