Final answer:
A potential liability that depends on future events is known as a contingent liability, which is not certain but has the potential to become a real financial burden based on the outcome of uncertain future occurrences.
Step-by-step explanation:
A potential liability that depends on a future event is called a contingent liability. Contingent liabilities are conditions or situations that may result in a financial burden, depending on the outcome of future events which are uncertain. They are not guaranteed to become real liabilities, but there is a possibility that they might, given the right circumstances. For example, a company may face a contingent liability if it is currently involved in a lawsuit and may have to pay damages if it loses the case.
Individuals also face economic risks and potential contingent liabilities that are beyond their control, like those arising from natural disasters or wartime events. In these cases, they have limited influence over whether these contingent events will occur but must be prepared for possible financial implications. Examples include the need for repairs following a natural disaster or the loss of income due to massive unemployment.