What are the essential characteristics of a liability under the definition in the Conceptual Framework?

i. Settlement requiring an outflow of resources embodying economic benefits.

ii. A present obligation to an external party.

iii. A legal debt.

iv. The obligation must have resulted from past events.

Select one:

a. i, ii, ,iv

b. ii, iii, iv

c. i, ii, iii

d. i, , iv