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Contingent & Quasi Contract
By Bharat Galani MeraSkill.com Š MeraSkill
Contingent & Quasi Contract
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Index What are contingent contract Essential elements of contingent contract Enforcing contingent contract Wagering vs Contingent contract Quasi Contract Types of Quasi Contract
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Contingent Contract
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Contingent Contract “a contract to do or not to do something, if some event collateral to such contract, does or does not happen” Examples: Fire Insurance, Sales or Return tranaction, Sale dependent on carrier, Contract of Guarantee. Also known as Conditional Contract © MeraSkill
Essentials Contingent Contract i) Valid Contract ii) dependent upon happening or not- happening of some event iii) Event is incidental to the main contract not reciprocal promise iv) Not mere will of the promisor
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Wagering vs Contingent A-B ₹ 5L if India wins world cup final A-B ₹ 1000 if it rains on coming Monday A-B pay ₹ 5L if B dies. B pays premium of ₹ 5000 p.a A-B Sell 50 tons rice @ ₹ 30. If ship comes to port on 1st Jan
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Wagering vs Contingent A-B ₹ 5L if India wins world cup final A-B ₹ 1000 if it rains on coming Monday A-B pay ₹ 5L if B dies. B pays premium of ₹ 5000 p.a A-B Sell 50 tons rice @ ₹ 30. If ship comes to port on 1st Jan
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Wagering vs Contingent
All Wagering contract are contingent in nature whereas all contingent contract may or maynot be a wagering
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Enforcement of Contingent contract Case based on
When Valid/Enforceable
When Void
Happening of event
When event happens
When event becomes impossible
Happening of event within fixed time
When event happens within time fixed
1. 2.
When event becomes impossible Time elapses
Non-Happening of event
When event becomes impossible
When the event happens
Non-Happening of event within fixed time
1.
When event happens
2. Impossible Event
When event becomes impossible Time elapses
Never
Always
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Summary What are contingent contract Essential elements of contingent contract Enforcing contingent contract Wagering vs Contingent contract
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