4 - contingent contract
Post on 15-Nov-2014
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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”
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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