Fill in the blanks: A contingent contract becomes void if the event on which it depends becomes ___ according to Section ___ of the Indian Contract Act.

Impossible, 32

True or False: A contingent contract can be enforced if the specified event occurs within a fixed time.

True. If the event occurs within the stipulated period, the contract becomes enforceable.

What are the two types of events on which a contingent contract can be based as per the Indian Contract Act?

Events can be based on the occurrence of a future uncertain event or the non-occurrence of a specific event.

Fill in the blank: According to Section 36, if a contingent contract is based on an event that is ___ from the outset, the contract is considered void.

Impossible

True or False: A contingent contract that relies on the discretion of the promisor is considered valid.

False. A contingent contract must not rely solely on the will or actions of the promisor to ensure enforceability.

What is the significance of the condition being collateral to a future uncertain event in a contingent contract?

The condition must be independent.

• Ensures contract validity.

• Prevents reliance on uncertain terms.

• Maintains enforceability of agreement.

Explain how contingent contracts can be utilized in insurance agreements.

In insurance contracts, the insurer agrees to provide compensation contingent upon specific risks materializing, such as illness or property damage.

Fill in the blank: An agreement to pay someone upon the completion of a task is a contingent contract if the task is dependent on a ___ event.

Future uncertain