A potential obligation that may be incurred depending on the outcome of a future event. A contingent liability is one where the outcome of an existing situation is uncertain, and this uncertainty will be resolved by a future event.A contingent liability is recorded in the books of accounts only if the contingency is probable and the amount of the liability can be estimated. Next Up. contingent liability is an amount that might have to be paid in the future, but there are still unresolved matters that make it only a possibility. Lawsuits and the threat of lawsuits are the ...
A small glass suitable for vodka, whiskey and other liquors. Many shot mixed drinks also call for shot glasses. Typical Size: 1.5 oz. Also known as a delmonico glass, this is a stemmed, wide opening glass, alike to a small version of a champagne flute.
Other shot glass sizes are called short shot glasses or pony shots both of which are 1 ounce. Alcoholism experts define a standard drink as 12 ounces of beer, 1.5 ounces of 72-proof distilled spirits, or 5 ounces of wine, all of which contain approximately .54 ounces of alcohol.