Compare and contrast a condition precedent and condition subsequent.  Provide an example of each.

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Q: What is a condition subsequent? Briefly explain with examples.

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.