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Contingent Contracts

 

According to section 31 of Indian contract Act, 1872, “A contingent contract is a contract to do not to do something, if some event, collateral to such contract, does or does not happen”. For example, goods sent for approval, insurance.
 

Essential features of a contingent contract:
 

Its performance depends up on the happening or non-happening of a future event.

  • The event must be uncertain and independent.
  • The event must be collateral, i.e. incidental to the contract.
  • The contingent contract should not depend upon the mere will of the promisor.





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