Q1. If the Bill of Exchange is not honored on the due date, there is always a change the drawer will become liable on the bill. This is called a Contingent Liability. What does it mean?
(a) A liability that will only arise if a certain event occurs
(b) A liability that will remain valid until the debtor pays his debt
(c) Both (a) and (b)
(d) Interest or principal of loan amount is
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