Classify the following event as mostly systematic, mostly unsystematic: "A manufacturer loses a multimillion-dollar product liability suit"   a. Systematic   b. Unsystematic   Classify the following event as mostly systematic, mostly unsystematic: "A supreme court decision substantially broadens producer liability for injuries suffered by product users"   a. Systematic   b. Unsystematic

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.