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Contingent contracts - Agreement, Business Law Video Lecture | Business Law - B Com
FAQs on Contingent contracts - Agreement, Business Law Video Lecture - Business Law - B Com
| 1. What is a contingent contract? |  |
A contingent contract is an agreement in which the fulfillment of one or more conditions will determine the performance of the contract. It means that the contract will come into effect only if certain conditions are met. If the conditions are not fulfilled, the contract becomes void.
| 2. What are the key elements of a contingent contract? | |
The key elements of a contingent contract are:
- Mutual agreement: Both parties must agree to the terms and conditions of the contract.
- Contingent event: The contract is dependent on the occurrence or non-occurrence of a specific event.
- Uncertainty: There must be uncertainty regarding the occurrence of the event.
- Legal enforceability: The contract must be enforceable by law.
| 3. Can a contingent contract be enforced by law? | |
Yes, a contingent contract can be enforced by law if it meets the necessary legal requirements. As long as the contract contains all the essential elements, including mutual agreement, a contingent event, uncertainty, and legal enforceability, it can be enforced by the court if either party fails to fulfill their obligations.
| 4. What happens if the contingency specified in the contract does not occur? | |
If the contingency specified in the contract does not occur, the contract becomes void. Both parties are released from their obligations under the contract, and any consideration exchanged between them must be returned. The contract will not be enforceable, and the parties will not be held liable for non-performance.
| 5. Can a contingent contract be modified or terminated? | |
Yes, a contingent contract can be modified or terminated if both parties agree to the changes. However, any modifications or termination must be done in accordance with the terms and conditions specified in the original contract. If the contingency has not occurred yet, the parties may agree to modify or terminate the contract before the contingent event takes place.
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