This week is all about current liabilities. One category of liabilities a company might be involved in are "contingencies". Consider the following questions related to contingent liabilities:

a). What are contingent liabilities?

b). Describe the criteria for reporting a contingent liability.

c). Find a Real World example of a contingent liability reported on a company's annual financial statements (use an example based on research outside of the textbook). Describe the contingent liability and how it is reported.