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Which of the following is an essential element of a contingent contract?
  • a)
    A valid contract to do or not to do something
  • b)
    Performance of the contract being conditional
  • c)
    The event being at the discretion of the promisor
  • d)
    The event being impossible to occur
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following is an essential element of a contingent contrac...
An essential element of a contingent contract is that the performance of the contract must be conditional. This means that the contract is dependent on the happening or non-happening of a specific event. The event can be future and uncertain, and the performance of the contract is contingent upon the occurrence or non-occurrence of this event. Therefore, option B is the correct answer.For example, if X contracts to pay Y a sum of money if Y's house is destroyed by fire, the performance of the contract is conditional upon the event of Y's house being destroyed by fire. If the event does not happen, the contract may not be enforceable.
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Which of the following is an essential element of a contingent contract?a)A valid contract to do or not to do somethingb)Performance of the contract being conditionalc)The event being at the discretion of the promisord)The event being impossible to occurCorrect answer is option 'B'. Can you explain this answer?
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