question $7.$ According to the FASB$$s conceptual framework, which of the following is an essential characteristic of a liability? $($a$)$ Liabilities must require the obligated entity to pay cash to a recipient entity $($b$)$ Liabilities must be legally enforceable. $($c$)$ The identity of the recipient entity must be known to the obligated entity before the time of settlement. $($d$)$ Liabilities are obligations resulting from previous transactions or events.