CA Foundation Exam > CA Foundation Questions > Events in case of contingent contracts are:a)...
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Events in case of contingent contracts are:
- a)Collateral and Uncertain
- b)Certain and Collateral
- c)Collateral
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
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Events in case of contingent contracts are:a)Collateral and Uncertainb...
Insurance contracts like death of a person, accidents etc are always uncertain they may or may not happen
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Events in case of contingent contracts are:a)Collateral and Uncertainb...
Collateral and Uncertain
- Collateral: In contingent contracts, collateral refers to the security or guarantee that is provided by one party to the other to ensure that the contract is fulfilled. This collateral can take various forms such as a deposit, a property, or a financial instrument.
- Uncertain: Contingent contracts involve an element of uncertainty as the fulfillment of the contract is dependent on the occurrence or non-occurrence of a specific event in the future. This uncertainty can make it challenging to predict the outcome of the contract until the contingent event actually takes place.
- Contingent contracts are commonly used in various industries such as insurance, real estate, and finance where the parties involved want to protect themselves against potential risks or uncertainties.
- The collateral provided by one party in a contingent contract serves as a form of security for the other party in case the contingent event does or does not occur. This helps to ensure that both parties are protected and that there is some level of assurance in the contract.
- Overall, the combination of collateral and uncertainty in contingent contracts helps to manage risks, provide security, and create a framework for parties to enter into agreements even when the outcome is not entirely certain.
- Collateral: In contingent contracts, collateral refers to the security or guarantee that is provided by one party to the other to ensure that the contract is fulfilled. This collateral can take various forms such as a deposit, a property, or a financial instrument.
- Uncertain: Contingent contracts involve an element of uncertainty as the fulfillment of the contract is dependent on the occurrence or non-occurrence of a specific event in the future. This uncertainty can make it challenging to predict the outcome of the contract until the contingent event actually takes place.
- Contingent contracts are commonly used in various industries such as insurance, real estate, and finance where the parties involved want to protect themselves against potential risks or uncertainties.
- The collateral provided by one party in a contingent contract serves as a form of security for the other party in case the contingent event does or does not occur. This helps to ensure that both parties are protected and that there is some level of assurance in the contract.
- Overall, the combination of collateral and uncertainty in contingent contracts helps to manage risks, provide security, and create a framework for parties to enter into agreements even when the outcome is not entirely certain.
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Events in case of contingent contracts are:a)Collateral and Uncertainb)Certain and Collateralc)Collaterald)None of the above.Correct answer is option 'A'. Can you explain this answer?
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