A bug which is not fixed in earlier versions, releases and it still exist is known as Latent Bug.
In Another words we can say A bug which is not observed by tester in two or three releases but observed by client or End User
The Latent bugs will not cause damage because such kind of bugs doesn't impact on current releases, Therefore, these bugs consider as low priority bugs.
For example: February has 28 days..The system could not consider leap year which result in a latent defect.
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