Section 31 of the Indian Contract Act, 1872 defines the term ‘Contingent Contract’
‘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’.
- Essential elements of the contingent contract
- There must be a valid contract to happening or non happening of something.
- Condition of contract must be a future event/uncertain.
- The said event must be collateral to contract.
- Provisions related to the enforcement of the contingent contract
- Enforcement of contract contingent on the happening of an event SECTION 32
- Enforcement of contract contingent on an event not happening SECTION 33
- Contracts contingent on an event happening within the fixed time SECTION 35
- Contract contingent of impossible event void SECTION 36
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