The burden of proof is one of those phrases that you hear all the time (Law and Order comes to mind), but there are some details to it that you might not know.
The burden of proof typically lies on one party in a court case. For instance, in a criminal case, the prosecuting attorney (the side pointing the finger) has to prove the defendant (the one saying "Wasn't me!") actually...did it. That's where the Law and Order cops come in and solve the case in under an hour.
But the phrase you might now know is the "standard of proof." This one dictates how strongly the accusing group has to prove it.
For example, if you're being accused of petty theft, less proof is required because the punishment to you isn't so great. The standard of proof is lowered in proportion to the crime. But if you're being tried for murder, the standard will be much, much higher, because the crime is more serious, and the risk of damaging a person innocently accused is greater.
Interestingly, the standard of proof can be applied to both parties in a case, and be at different levels, again depending on the crime.
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Finance: What is Contingent Liability?4 Views
Finance allah shmoop what is contingent liability All right you
know what a liability is right It's a debt it's
a promise you've made that you need to fulfill teo
pay someone and fulfilling it can be done with cash
or ah promise of delivering inventory or after you've sold
the home to the joneses An interesting family with oddly
large foreheads you know delivering good title to the home
to them right So you're fulfilling liability of producing your
home so what's a contingent liability Well think of it
is a call option or a put option on a
security A contingent liability is a derivative of some other
underlying being like another liability Well the most common contingent
liability would be a filed lawsuit that is more than
just an ambulance chasing securities lawyer hoping to get a
quick five hundred grand to go away google might be
willing to pay three billion dollars toe by ring That
wireless doorbell company started by some weirdo contingent upon ring
properly defending its lawsuit from honeywell which claims that they
own the patents on the process while the financial outcome
of that lawsuit is a contingent liability to the company
Ring and the outcome of the joneses moving into town
well is a worldwide dominance and the enslavement of all
human I mean that's what's at stake their people But 00:01:31.39 --> [endTime] not least they keep their front lawn looking nice
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