Examlex
Congress is charged with the responsibility of overseeing the implementation of federal laws and ensuring that the laws are implemented properly.How does Congress go about handling this responsibility? What can it do to ensure that the federal bureaucracy is doing its job? What can it do to ensure that the president,members of the executive branch,and federal judges are doing their jobs properly? What complaints are sometimes issued against Congress's use of its oversight powers? Are these complaints valid?
Contingent Liability
A potential financial obligation that may arise in the future, dependent on the occurrence of certain events.
Liability
An obligation arising from past transactions or events, which may result in an outflow of resources embodying economic benefits.
Provision
An amount set aside in the accounts to cover a probable future expense or liability, recognized for known obligations of uncertain timing or amount.
Onerous Contract
A contract where the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received from it.
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