A contingent liability is a liability that a business might be subjected to by an entity based on the outcome of an unknown future event like a court case. It can be regarded as a hypothetical liability that turns into an actual liability when that situation or event occurs.
The contingent liability is different for different types of professions and businesses. Examples of contingent liabilities include outstanding lawsuits, legal liabilities, credit guaranties, acts of employees, incomplete contracts, unfilled purchased orders, third-party indemnities, unsettled disputes, liquidated damages, unliquidated damages, product warranty, sales tax disputed, income tax disputed, destruction by flood and financial guarantees given.Learn More
According to Nationwide, property owner's liability insurance covers the property owner from lawsuits arising from real or alleged damage or injury sustained by a visitor. Some examples are a person tripping and breaking an arm or property damage such as a broken windshield on a vehicle.Full Answer >
Civil liability is the potential for responsibility of payment to an aggrieved party due to the violation of a civil law, tort, or breach of contract. Civil liability differs from criminal liability in that violations of torts or contract terms do not subject the liable party to punishment for a crime, though civil liability can include punitive monetary damages or other court enforcement, such as barring further instances of harassment.Full Answer >
Criminal liability is defined by the National Paralegal College as "an act that may be prosecuted by the state in accordance with the state's criminal code." Someone is criminally liable for actions that break the law if the person broke the law knowingly and willfully and if the person exhibited reckless behavior which resulted in a crime or acted with criminal negligence.Full Answer >
RFID skimming refers to a form of digital theft whereby the information contained on an RFID-equipped credit card is intercepted and duplicated. This can be accomplished through a device called an RFID skimmer, which analyzes wireless data transmissions and derives information, such as card numbers and expiration dates, from them.Full Answer >