CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)

BUSINESS LAW
(KHALID MAHMOOD CHEEMA)

CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)

Contigent Contract / circumstances/ Essentials: Contigent ( Conditional) contract section 31,: defined as :If any contract performance depend upon the happening or not happening of the uncertain events,is called contingent or conditional contract.
Example: MR A contract to B to pay rupees 12000 if during this week India team won's the match.
Essentials of contigent contract
The basic essentials for the conditional contract i that his performance depends upon happening or not happening of an uncertain future. contigent depend upon the act of the party & not on the wish of the party.
Collateral contract: Colateral contract is also neccessary of the event.must be collateral to the subjet matter.
Particulars (peformance) of Contigent contract
1) happening of an event
2)non-happening of an event
3)Dependimg on future conduct
4)Happining of an event within a fixed time
5)non-Happining of an event within a fixed time
6)Happining of an impoosible event

( see page no. 80 to 82 of book headings with examples)