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Contingent Contract Absolute Contract Contingent Contract Definition (Section 31) “A Contingent Contract is a Contract to do or not to do something, if some event, collateral to such Contract, does or does not happen” Essentials 1. To do or not to do something 2. Happening or non-happening of future event 3. Uncertain event 4. Collateral or incidental Contingency Dependant on Act of Party “Event” to include “Act” Rules 1. Future uncertain event – Impossible 2. Non-happening of event 3. On a party doing something 4. Specified time 5. Impossible event Difference between ‘Contingent Contract’ and ‘Wagering Agreement’ Wagering Agreement Contingent Contract Reciprocal and Mutual Promises Not necessarily Contingent in nature Not wagering in nature Void Valid Game of chance/ interest Not a game of chance No intention to perform Intention to perform

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Page 1: 4 - Contingent Contract

Contingent Contract

Absolute Contract Contingent Contract

Definition (Section 31)“A Contingent Contract is a Contract to do or not to do something, if some event, collateral to such Contract, does or does not happen”

Essentials1. To do or not to do something2. Happening or non-happening of future event3. Uncertain event4. Collateral or incidental

Contingency Dependant on Act of Party“Event” to include “Act”

Rules1. Future uncertain event – Impossible2. Non-happening of event3. On a party doing something4. Specified time5. Impossible event

Difference between ‘Contingent Contract’ and ‘Wagering Agreement’

Wagering Agreement Contingent ContractReciprocal and Mutual Promises

Not necessarily

Contingent in nature Not wagering in natureVoid ValidGame of chance/ interest Not a game of chanceNo intention to perform Intention to perform

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Contingent Contracts (Section 31 in the Indian Contract Act, 1872)