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Oct 11, 2024 · This article deals with contingent contracts under Indian Contract Act, 1872. It deals with the various components and conditions of contingent contracts. It also gives a detailed list of the advantages and disadvantages of using contingent contracts.
Under Section 31 of the Indian Contract Act, 1872, contingent contracts are defined as follows: “If two or more parties enter into a contract to do or not do something, if an event which is collateral to the contract does or does not happen, then it is a contingent contract.”
Aug 8, 2023 · What is a contingent contract? A contingency means the contract terms are not absolute — they are tied to conditional actions and events that will determine specific outcomes. That’s basically the core formula describing the features of a contingent contract:
Contingent Contracts in simple words means these are those contracts where a promise is conditional and based on some happening and non-happening of some uncertain future event, the contract shall perform.
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement.
Section 31 defines a contingent contract as a contract to perform or refrain from performing an action depending on the occurrence or non-occurrence of a related, but separate, event. This event must be uncertain and not within the control of either party involved in the contract.
Apr 4, 2015 · A contingent contract is a contract to do or not to do something, if some event, collateral to such contract does or does not happen. [iii] Every contingent contract is thus a contract primarily.
Jul 28, 2024 · Introduction. This concept is defined in the Indian Contract Act, 1872 under chapter III titled contingent contract. Section 31 of the act in particular prescribes the definition as, a contingent contract is a contract to do or not do something depending upon happening or not happening of a collateral event.
A contingent contract requires the promisor to perform an outlined obligation only when certain conditions are met. It differs from an absolute contract in that absolute contracts require the promisor to perform on the terms agreed upon within the contract without any conditions.
Sep 13, 2023 · A contingent contract is a contract whose validity depends on an uncertain event in the future. For example, A agrees to pay Rs. 30,000 to B, only if B tops his final-year exams. Now, this is a contingent contract as B may or may not succeed in his exams. Concept of Contingent Contract.
