Contingent contracts are agreements where the promisor's obligation depends on the occurrence of a specific ___ or ___ .

Event or condition

True or False: A contingent contract is enforceable regardless of whether the specified event occurs.

False. A contingent contract is only enforceable if the specified event occurs.

Provide an example of a scenario where a contingent contract would be applicable.

A contract where one party agrees to pay the other if a specific event, like a house fire, occurs.

According to Section 31, a contingent contract is defined as an agreement to undertake or refrain from undertaking a specific action based on the ___ or ___ of an event external to the contract.

Occurrence or non-occurrence

True or False: Contingent contracts are only applicable in insurance scenarios.

False. While common in insurance, contingent contracts can also be used in indemnity and guarantee situations.

Fill in the blank: The performance of a contingent contract relies on the occurrence or non-occurrence of a specific ___.

Event

What is the primary feature that distinguishes contingent contracts from other types of contracts?

The primary feature is that their performance is dependent on the occurrence or non-occurrence of a specific event.

A contingent contract is dependent on the occurrence of a future uncertain event. True or False?

True

Contracts contingent on uncertain events are enforceable even if the event has not yet occurred. True or False?

False. They are not enforceable until the event happens.

If a contract is based on the non-occurrence of a specific event, it is considered ___ to the contract.

Collateral

What happens to a contingent contract if the contingent event becomes impossible?

The contract becomes void.

In a conditional contract, the obligation of one party is part of the reciprocal promises. True or False?

True

A contract where A agrees to pay B Rs. 10,000 if B marries C is an example of a ___ contract.

Conditional

Fill in the blank: The contingent event in a contingent contract should not be dependent on the ___ of the promisor.

Will

What is an example of a contingent contract?

A contract where A agrees to pay B Rs. 1,000 if B chooses to do something that is not solely in A's control.

Fill in the blank: If A agrees to buy B's horse if A survives C, the contract cannot be enforced until ___ happens.

C dies

In the context of contracts, what does 'collateral to the contract' mean?

It refers to events or obligations that are not part of the main reciprocal promises of the contract.

Contracts contingent on the non-happening of a certain future event can be enforced when that event becomes ___ .

Impossible

True or False: A contract dependent on a person's future action can only be enforced if the person acts as agreed upon.

False; it can be enforced when the action makes it impossible to act as agreed.

Contracts based on uncertain specified events become ___ if the event does not happen by the specified time.

Void

Fill in the blank: If A promises to pay B if a ship returns within a year, the contract can be enforced if the ship returns within the ___ .

Year

What happens to a contract if a specified event becomes impossible before the time expires?

The contract becomes void.

True or False: A contract can be enforced based on the non-happening of a specified event before the expiration of the time limit.

True; it can be enforced if it becomes certain that the event will not happen.

Contracts contingent on a certain event can be enforced when the event is ___ .

Impossible

Fill in the blank: If a contract is based on the non-happening of a specified event, it can be enforced when the time ___ and the event has not occurred.

Expires