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whatis meant by contigent liability

Answer Posted / sindujaramkumar

contigent liability is a liability which is not a liability
now but it may or may not become liability in future

for example : a case is pending in the court it may lead to
a faliure in future so that lot amount of money has to be
paid to the oppossition party

Is This Answer Correct ?    3 Yes 1 No



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