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Business Regulatory Framework by Purnakam Dash

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8

Contingent Contracts

CHAPTER OBJECTIVES

After reading this chapter carefully, you will be able :

  • To understand clearly the meaning of Contingent Contract.
  • To narrate the essential elements of Contingent Contracts.
  • To explain the rules regarding Contingent Contracts.
  • To get a clear idea about the meaning of Collateral event.
MEANING OF CONTINGENT CONTRACTS

A contingent contract is one in which performance becomes due only when an event collateral to it does or does not happen. Sec. 31 of the Contract Act defines it as, ‘A contract to do or not do something if some event collateral to such contract does or does not happen.’

A contract may be of two types:

  1. Absolute
  2. Contingent

Absolute contracts are performed by the promisor according to ...

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