38. In which of the following contracts may full payment of the price become the operative act that transfers ownership from the seller to the buyer? Group of answer choices Contract of sale Contract to sell Either a or b Neither a nor b

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Q: Nixon

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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.