Question

what is contingent Liability ?​

Answer 1

Answer:

Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit. 

or

Description: A contingent liability is a liabilityor a potential loss that may occur in the future depending on the outcome of a specific event. Potential lawsuits, product warranties, and pending investigation are some examples ofcontingent liability.