Final answer:
A liability dependent on a future event is called a contingent liability, which is recognized in accounting if it's probable and the amount can be estimated. Such liabilities can have a significant impact on individuals and businesses, emphasizing the importance of risk management strategies.
Step-by-step explanation:
When the occurrence of a liability depends on a future event, the liability is known as a contingent liability. A contingent liability is recorded in the accounting records only if the liability is probable and the amount can be reasonably estimated. For instance, a company may face a contingent liability if it is currently being sued; the outcome and related costs depend on the results of the lawsuit. Likewise, a warranty on products sold could result in a contingent liability. In your example of economic risks such as natural disasters, wars, or massive unemployment, individuals might face indirect contingent liabilities in the sense that their ability to meet existing financial obligations could be impacted by these events.
Businesses and individuals typically have to plan for uncertain economic conditions and the possibility of contingent liabilities. Sound financial planning and risk management strategies are crucial in safeguarding against the financial impact of these potential liabilities.