Wasn't this the slogan as we Manifest Destiny'd? Hm. Maybe not.
Perhaps unintentionally, this rule encourages spurious litigation by requiring each party in a lawsuit to pay its own attorneys’ fees (as opposed to “English Rule,” which requires the losing party to pay both sides’ legal fees, increasing the downside of bringing, losing, a frivolous claim).
So if you, or someone who owes you a big favor, are a lawyer, consider suing a corporate giant like McDonald’s for negligence because they served you hot coffee that burned you. Odds are that Mickey D’s legal costs for a trial would outweigh yours and you may get a settlement for an amount somewhere in the middle of those two amounts. Win-win.
Related or Semi-related Video
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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