P11-2B Briarwood Stables provides riding lessons for girls ages 8-15. Most students are begin- ners, and none of the girls owns her own horse. Sally Arnold, the owner of the stable, uses horses stabled at her farm and owned by the O'Malleys. Most of the horses are for sale, but the economy has been bad for several years and sales have been slow. The O'Malleys are happy that Arnold uses their horses in exchange for boarding them. Because of a recent financial setback. Arnold cannot afford liability insurance. She seeks your advice about her business's exposure to liabilities. Required Write a memorandum to inform Arnold of specific contingent liabilities arising from the business. It will be necessary to define a contingent liability because she is a professional horse trainer, not a businessperson. Propose a way for Arnold to limit her risk due to these liabilities.