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Chapter-8

Contingent contracts. Chapter-8. What is contingent contract?. Acc.to section31- ‘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.’

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Chapter-8

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  1. Contingent contracts Chapter-8

  2. What is contingent contract? • Acc.to section31- ‘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.’ • Collateral event-acc. To pollack & mulla, “a collateral event means an event which is neither a performance directly promised as part of the contract nor the whole of the consideration for a promise.”

  3. Features of a contingent contract • The promise is based on an uncertain event. • The event must be collateral. • The event must not depend on the promisor’s will.

  4. Rules for contingent contracts • Contracts enforceable on the happening of a future uncertain event.-sec.32. • Contracts enforceable on non-happening of a particular event.-sec.33. • Impossibility of a future conduct of a person.sec.34. • Contracts enforceable on happening of a future uncertain event within a specified period.sec.35.

  5. Contd. • Contracts enforceable on non- happening of future uncertain event within a specified period. Sec35(2). • Agreements contingent on happening of an impossible event. Sec.36.

  6. Difference b/w wagering &contingent contracts • Performance • Win or lose • Legality • Promise • Nature • Interest • Future event

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