Fill in the blank: A contract that becomes void if a certain event does not happen within a fixed time is said to be contingent on ___ within a fixed time.

A specified event

True or False: A contingent contract can be enforced if the event it depends on is certain to occur.

False. If the event is certain, the contract is due to be performed and is not contingent.

Describe a scenario that exemplifies a quasi-contract.

A quasi-contract example scenario.

• Goods mistakenly left.

• Person consumed the goods.

• Law requires payment obligation.

Fill in the blank: The law imposes obligations in a quasi-contract based on ___, justice, and good conscience.

Equity

What are collateral events in the context of contingent contracts?

Collateral events are those not directly related to the performance promised in the contract but trigger the obligations under it.

Identify one essential feature that differentiates a quasi-contract from a traditional contract.

A quasi-contract does not require the essential elements of a valid contract, as its obligations are imposed by law rather than by mutual consent.

True or False: A contract contingent on an impossible event is valid and enforceable.

False. It is void since the occurrence of an impossible event cannot be guaranteed.

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

The contract becomes void, as it relies on the occurrence of an event that can no longer take place.

Fill in the blank: In a conditional sale, a buyer must secure a ___ before the contract becomes binding.

Bank loan

Explain why a contract contingent on a person's actions becomes unenforceable.

Contingent contracts can become unenforceable.

• Dependent on specific actions.

• Impossible actions void contracts.

• Legal principles govern enforceability.