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Which of the following is an essential element of a contingent contract?
- a)Valid consideration
- b)Unconditional performance
- c)Independent event
- d)Discretion of the promisor
Correct answer is option 'C'. Can you explain this answer?
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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 is dependent on an independent event. This means that the event on which the contract is contingent must be outside the control or discretion of the promisor. The event should be uncertain and not under the direct influence of any of the parties involved in the contract.For example, if X agrees to pay Y a sum of money if Y's house is destroyed by fire, the happening or non-happening of this event is independent of the parties involved. It is an uncertain future event that is collateral to the contract. The performance of the contract, i.e. the payment of money, is contingent on the occurrence or non-occurrence of this event.In summary, an independent event that is uncertain and beyond the control of the promisor is an essential element of a contingent contract.
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Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer?
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Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer?.
Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is an essential element of a contingent contract?a)Valid considerationb)Unconditional performancec)Independent eventd)Discretion of the promisorCorrect answer is option 'C'. Can you explain this answer?.
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