Write a note on Contingents Contracts

Q. Contingents contracts:
Sec 31 defines contingent contract as “A contingent contract” is a contract to do or not to
do something, if some event, collateral to such contract, does or does not happen.
Essentials Characteristics of a Contingent Contract:
1. There should be existence of a contingency, happening or non happening of some
event in future.
2. Contingency must be certain.
3. The event must be collateral incidental to the contract.
Illustration:
A’s contract to pay B Rs. 10000 if B’s house is burnt. This is a contingent contract.
A conditional or contingent contract is one in which a promise is conditional and the
contract shall be performed only on the happening or not happening of some future
uncertain event.