Contingent Contract 4y5724

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Presented ByKavish Raj Kiniya Tomor Manish Mishra Manoj Lohiya

]ntroduction The performance of an absolute contract becomes due immediately after making the contract. But sometimes , the performance of a contract is not immediately due , and it become so only after the happening or non-happening of some contingency . Such contract are known as contingent contract. `

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Jefinition of a Contingent Contract Ń The contingent contract , may be defined as a conditional contract. `

x Section 31 Of ]ndian Contract Act

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Êssentials Êlements For A Valid Contingent Contract Ń There must be a valid contract. Ń The performance of the contract must be conditional. Ń The event must be uncertain. Ń The event must be collateral to the contract.

Legal Rules For A Valid Contingent Contract Ń The event may be an act of the party. Ń The event should not be the discretion of the promisor.

Rules Regarding Ênforcement Of Contingent Contract Ń Contingent contract dependent on the a of future uncertain event.#% &'$ Ń Contingent contract dependent on the a of future uncertain event.#% &&$ Ń Contingent contract dependent on the a of specified uncertain event a #% &($ Ń Contingent contract dependent on the a of specified uncertain event a #% &($ Ń Contingent contract dependent on #% &)$

Contingent Contracts Jependent On The ¶Happening· Of Future Uncertain Êvent `

Contingent contract is dependent on the ¶happening· of a future uncertain event. ]n such cases, the contract can be enforced only when that uncertain event has happened .#% &'$ Ê * + #$ ,

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Contingent Contract Jependent On The ¶Non¶Nonhappening· Of Future Uncertain Êvent `

]n such cases , the contract can be enforced only when the happening of that even becomes impossible as then that event cannot happen .And then the contract becomes enforceable as its performance was dependent on the nonhappening of that event #% &&$

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Contingent Contract Jependent On The ¶Happening· Of Specified Uncertain Êvent Within Fixed Time ]n such cases, the contract can be enforced if that event happens within the fixed time. Thus, a contingent contract dependent on the happening of specified uncertain event within fixed time, becomes void in the following cases #% &($ ` ]f the event does not happen within the specified time ; or ` ]f before the expiry of that time, the event becomes impossible. `

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Contingent Contracts Jependent On The ¶Non ¶Non-happening· Of Specified Uncertain Êvent Within Fixed Time A contingent contract dependent on the ¶nonhappening· of a specified event within a fixed time, can be enforced in the following cases;` ]f that event does not happen within the fixed time ; or ` ]f before the expiry of that time, it becomes certain that the event will not happen (Section 35, second Para). ` Ê / * + , *- + . `

Contingent Contracts Jependent On ]mpossible Êvent ]n such cases, the contract is void and cannot be enforced by law. That such contract will be void whether the impossibility of the event is known or not to the parties at the time of making the contract.[section 36] ` Ê / * ( " +

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Êvent Becoming ]mpossible Which ]s A Future Conduct Of Living Person That contingent contract in section 34 of ]ndian contract act, which reads as under;` ´ ]f the future event on which the contract is contingent is the way in which a person will at an unspecified time, the event shall be considered to become impossible when such person does anything which readers it impossible that he should so act within any definite time , or otherwise than under further contingencies.µ ` Ê / * ( #$ 0 1, + + 2 1 + `

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Comparison Between Contingent Contract And A Wagering Agreement Contingent Contract

Wagering Agreement

1. it is perfectely valid and cannot enforced and can be enforced in a court of law.

it is absolutely void and cannot enforced in a court of law.

2.]n this case,the future uncertain event is merely collateral or ]ncidental.

]n this case,the uncertain event is the only determining Factor.

Continue« Contingent Contract

Wagering Agreement

]n this case,there may be reciprocal promises.

]n this case,there are reciprocal promises.

All contingent contracts are not or a wagering nature,because are not of a wagering nature , the contingent contracts are not void.

All wagering agreement are also contingent contracts because they are because all they are dependent on uncertain event.