A Contingent Liability Always Becomes a True Liability

question 35

True/False

A contingent liability always becomes a true liability.

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Definitions:

Legal Relationships

The connections and obligations among individuals, organizations, and governments under the rule of law.

Concrete Examples

Specific instances or situations that illustrate a general concept, principle, or process in a clear and understandable way.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity, often fundamental to business practices.

Laws

Established rules that are enforceable by a governing body, intended to regulate behaviors and maintain order within a society.