Question

A contingent contract is also known as ?

Answer 1

Answer:

Under Section 31 of the Indian Contract Act, 1872, contingent contracts are defined as follows: “If two or more parties enter into a contract to do or not do something, if an event which is collateral to the contract does or does not happen, then it is a contingent contract.”

The contract becomes void if the condition is not met. Thus, contingent contracts are meant to be performed only under specific circumstances. All types of insurance, indemnity, and guarantee contracts are considered as contingent contracts

Answer 2

Answer:

Under Section 31 of the Indian Contract Act, 1872, contingent contracts are defined as follows: “If two or more parties enter into a contract to do or not do something, if an event which is collateral to the contract does or does not happen, then it is a contingent contract.” ...

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