Quasi & Contingent Contract.
Answers
Answer:
Contingent Contract• When the performance of a contract is not immediately due but it becomes so only after the happening or non-happening of some contingency (ie some uncertain event) it is known as Contingent Contract.
Explanation:
Quasi Contract :
A quasi contract is an agreement between two parties without previous obligations to one another that has been created and legally recognized by the court system. Under a quasi-contract, neither involved party is expected to create such an agreement; this contract is arranged and imposed by a judge to correct a circumstance in which one party acquires something at the expense of the other party.
Example, consider a pizza that is delivered to the wrong address. The pizza has already been paid for. If the individual does not correct the delivery man and instead keeps the pizza, the court system could issue a quasi contract that would require the individual to pay back the amount of the pizza to the party that purchased the pizza. The contract is used to prevent any party from benefiting from the situation at the other party's expense. The restitution required under the contract is to make the situation fair.
CONTINGENT CONTRACTS :
According to the Contract Act a contingent contract is one whose performance us uncertain. The performance of the contract which comes under this category depends on the happening or non- happening of certain uncertain-events. On the other hand, an ordinary or absolute contract is such where performance is certain or absolute in itself and not dependent on the happening or non-happening of an event. A contingent contract is defined as a contract to do or not to do something, if some event, collateral to such contract, does or does not happen (sec. 31).
Example-(A) A contracts to pay Rs. 50,000 if B’s house is destroyed by five. This is a contingent contract as the performance depends on the happening of an event.