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Page 1 CPT Section B Chapter 1 Mercantile Law Unit 6 CA Nikshit HV Shah Page 2 CPT Section B Chapter 1 Mercantile Law Unit 6 CA Nikshit HV Shah Concept of contingent contract Concept of quasi contract Essentials and Rules Page 3 CPT Section B Chapter 1 Mercantile Law Unit 6 CA Nikshit HV Shah Concept of contingent contract Concept of quasi contract Essentials and Rules Contract Contingent Absolute Promisor undertakes to perform the contract in any event without any condition. A contract to do or not to do something, if some event collateral to such contract, does or does not happen Page 4 CPT Section B Chapter 1 Mercantile Law Unit 6 CA Nikshit HV Shah Concept of contingent contract Concept of quasi contract Essentials and Rules Contract Contingent Absolute Promisor undertakes to perform the contract in any event without any condition. A contract to do or not to do something, if some event collateral to such contract, does or does not happen The performance of a CC is made dependent upon the happening or non-happening of some event. A contract may be subject to a condition precedent or subsequent. The event is collateral to the contract, i.e., it does not form part of the reciprocal promises which constitute the contract. The contingent event should not be the mere will (completely controllable) of the promisor. Page 5 CPT Section B Chapter 1 Mercantile Law Unit 6 CA Nikshit HV Shah Concept of contingent contract Concept of quasi contract Essentials and Rules Contract Contingent Absolute Promisor undertakes to perform the contract in any event without any condition. A contract to do or not to do something, if some event collateral to such contract, does or does not happen The performance of a CC is made dependent upon the happening or non-happening of some event. A contract may be subject to a condition precedent or subsequent. The event is collateral to the contract, i.e., it does not form part of the reciprocal promises which constitute the contract. The contingent event should not be the mere will (completely controllable) of the promisor. There must be a valid contract Performance must be conditional Event must be future + uncertain Event must be collateral to the contractRead More
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FAQs on PPT - Contingent and Quasi Contract - Business Laws for CA Foundation
| 1. What is a contingent contract? |  |
Ans. A contingent contract is a contract in which the performance of one or both parties is dependent on the occurrence or non-occurrence of a future uncertain event. If the event specified in the contract occurs, the contract becomes enforceable, and if the event does not occur, the contract becomes void.
| 2. What is a quasi contract? | |
Ans. A quasi contract is a legal concept that allows the court to impose obligations on a party even in the absence of a formal contract. It is based on the principle of unjust enrichment, where one party has received a benefit from another party without any legal obligation to do so, and it would be unfair to allow the receiving party to keep the benefit without compensating the other party.
| 3. What are the essential elements of a contingent contract? | |
Ans. The essential elements of a contingent contract are:
- An uncertain future event: The contract must be contingent upon the occurrence or non-occurrence of a future event.
- Mutual intention: Both parties must have a common intention that the contract will be conditional upon the happening or non-happening of the specified event.
- Performance: The contract becomes enforceable only when the specified event occurs or does not occur.
- Legal enforceability: The contract must comply with all the legal requirements for a valid contract.
| 4. When can a quasi contract arise? | |
Ans. A quasi contract can arise in the following situations:
- When one party has received a benefit from another party without any legal obligation to do so.
- When there is a mistake or misunderstanding regarding the terms of a contract, and the court imposes obligations to prevent unjust enrichment.
- When a contract is void or unenforceable, but one party has already performed their part, the court may impose obligations to prevent unjust enrichment.
| 5. What is the difference between a contingent contract and a quasi contract? | |
Ans. The main difference between a contingent contract and a quasi contract is their basis:
- A contingent contract is based on the occurrence or non-occurrence of a future uncertain event, and its enforceability is dependent on the happening or non-happening of that event.
- A quasi contract, on the other hand, is not based on a formal agreement but is imposed by the court to prevent unjust enrichment when one party has received a benefit without any legal obligation to do so.
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