In accounting terms, a liability is an amount that you owe a creditor. Liabilities generally fall into two categories -- current and long-term. Current liabilities include debts you owe that you ...

A contingent liability is the possibility of a liability arising from a future event. The liability is contingent on whether or not the event occurs. The most common source of contingent liabilities ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax ...

Caroline Banton has 6+ years of experience as a writer of business and finance articles. She also writes biographies for Story Terrace. A contingent liability is a potential obligation that hinges on ...