P11-2A Rountree Acura is one of the largest Acura dealers in the Midwest. The dealership sells new and used cars and operates a body shop and a service department. Mitch McGee, the general manager, is considering changing insurance companies because of a disagreement with Hank Callendar, agent for the Travelers Insurance Company. Travelers is doubling Rountree's liability insurance cost for the next year. In discussing insurance coverage with you, a trusted business associate. McGee brings up the subject of contingent liabilities. Required Write a memorandum to inform Rountree Acura of specific contingent liabilities arising from the business. In your discussion, define a contingent liability.