In a suit against Corbin, Donatella obtains damages. This is an order to do or to refrain from doing a particular act. an order to perform what was promised. a payment of money or property as compensation. O the cancellation of a contract.

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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.