Vazir said to Saulat, “I will buy speed boats worth Rs. 10,000,000 from you, if you obtain the license for me to operate the boats at Clifton beach”. Saulat agreed and applied for the license and deposited Rs. 100, 000 as processing fee. However, before the issuance of license, the city government imposed a ban on the issuance of new licenses. Saulat wants Vazir to buy the speed boats as he had made necessary efforts to arrange for the license. However, Vazir refuses to buy the speed boats from Saulat. Discuss the legal position in the given scenario.
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The type of contract entered by Vazir and Saulat is contingent contract where the performance is based on the happening of certain event which is collateral to the contract i.e. arrangement of licence for Vazir. If that event has not happened
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