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Describe how to account for and report on contingent liabilities.
Professional
A person engaged in a specified activity as one's main occupation rather than as an amateur.
Negligent
Failing to exercise the care that a reasonably prudent person would exhibit under similar circumstances.
Foreseen Users
Individuals who are reasonably anticipated to use a product or service, considered by manufacturers and service providers in liability assessments.
Near Privity
A legal doctrine that expands the scope of who can sue for breach of contract to include parties with a close enough relationship to the transaction, though not directly involved.
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