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Page 1 CONTINGENT CONTRACT Sec 1 to 36 of the Indian Contract Act 1872 Page 2 CONTINGENT CONTRACT Sec 1 to 36 of the Indian Contract Act 1872 CONTENTS • What is a Contingent Contract? • Essential Characteristics of Contingent Contract • Rules Regarding Contingent Contract • Difference Between wagering and Contingent Agreement Page 3 CONTINGENT CONTRACT Sec 1 to 36 of the Indian Contract Act 1872 CONTENTS • What is a Contingent Contract? • Essential Characteristics of Contingent Contract • Rules Regarding Contingent Contract • Difference Between wagering and Contingent Agreement WHAT IS A CONTINGENT CONTRACT? Page 4 CONTINGENT CONTRACT Sec 1 to 36 of the Indian Contract Act 1872 CONTENTS • What is a Contingent Contract? • Essential Characteristics of Contingent Contract • Rules Regarding Contingent Contract • Difference Between wagering and Contingent Agreement WHAT IS A CONTINGENT CONTRACT? BASING ON THE PRESENCE AND ABSENCE OF CONDITIONS, CONTRACTS CAN BE TWO TYPES • In case where there is condition, then such contract is called Contingent Contract. • Contract means Conditional Contract. When imposed and condition is fulfilled, the Contingent Contract becomes valid and then parties have to perform their obligations. • If imposed and Condition is not fulfilled, the Contingent Contract become Void and then it need not be performed. So Contingent Contract is to be performed under some circumstances only. ABSOLUTE CONTRACT CONTINGENT CONTRACT • In case where there is no condition, it is called Absolute Contract. • As there is no condition, absolute contract is to be performed under all circumstances. Page 5 CONTINGENT CONTRACT Sec 1 to 36 of the Indian Contract Act 1872 CONTENTS • What is a Contingent Contract? • Essential Characteristics of Contingent Contract • Rules Regarding Contingent Contract • Difference Between wagering and Contingent Agreement WHAT IS A CONTINGENT CONTRACT? BASING ON THE PRESENCE AND ABSENCE OF CONDITIONS, CONTRACTS CAN BE TWO TYPES • In case where there is condition, then such contract is called Contingent Contract. • Contract means Conditional Contract. When imposed and condition is fulfilled, the Contingent Contract becomes valid and then parties have to perform their obligations. • If imposed and Condition is not fulfilled, the Contingent Contract become Void and then it need not be performed. So Contingent Contract is to be performed under some circumstances only. ABSOLUTE CONTRACT CONTINGENT CONTRACT • In case where there is no condition, it is called Absolute Contract. • As there is no condition, absolute contract is to be performed under all circumstances. EXAMPLE There is a Contract between A and B according to which A has to sell his goods which are in voyage, to B if the ship reaches the harbor safely. Here condition can be seen and it is Contingent Contract. All indemnity contracts, guarantee contracts and insurance contracts are Contingent ContractRead More
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FAQs on PPT - Contingent contract - Business Law - B Com
| 1. What is a contingent contract? |  |
Ans. A contingent contract is a legal agreement where the performance of one or both parties is dependent on the occurrence or non-occurrence of a specific event. This event is uncertain and may or may not happen in the future. The rights and obligations of the parties involved are defined based on the outcome of this event.
| 2. How does a contingent contract differ from a traditional contract? | |
Ans. A contingent contract differs from a traditional contract in that the performance of a contingent contract is dependent on the occurrence or non-occurrence of a specific event. In a traditional contract, the performance is not contingent on any uncertain event, but rather on the fulfillment of agreed-upon terms and conditions.
| 3. What are some examples of contingent contracts? | |
Ans. Some examples of contingent contracts include insurance policies, performance-based contracts, options contracts, and contracts with escape clauses. In these contracts, the rights and obligations of the parties are contingent upon certain events, such as the occurrence of a specific outcome, the achievement of certain goals, or the non-occurrence of certain risks.
| 4. What are the advantages of using contingent contracts? | |
Ans. Contingent contracts provide several advantages, such as risk management, flexibility, and cost-effectiveness. By tying performance to specific events, parties can protect themselves against potential losses or uncertainties. These contracts also allow for adaptability in changing circumstances and can be more cost-effective than traditional contracts, as they only require payment or performance upon the occurrence of the specified event.
| 5. Are contingent contracts enforceable by law? | |
Ans. Yes, contingent contracts are enforceable by law, provided they meet the legal requirements for a valid contract. These requirements include offer and acceptance, consideration, intention to create legal relations, and certainty of terms. As long as the contingent contract satisfies these elements, it can be enforced through legal means in case of a breach or dispute.
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Nov 15, 2024 Last updated |
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