Shresthavi Pandey, BA.LL.B. School of Law, Narsee Monjee Institute of Management Studies, Bengaluru
ABSTRACT
A comprehensive analysis of contingent contracts and the discovery of various contingent contract characteristics. The topic is about condition precedent. The phrase 'contingent contract' is defined in Section31 as an agreement to perform or not do something if a certain event, which is a condition of the contract, occurs or does not occur. Every contract establishes a connection between the parties, and rights arise from that relationship, but this does not imply that every contract generates an immediately enforceable right. The generated right may be one that the parties agree will only be enforced if and when some future event occurs to which neither party commits and is thus ancillary to the contract. Its primary purpose is to record the point at which a contractual right becomes enforceable. Such contracts are referred to be ‘contingent’. This research paper covers an analysis of contingent contracts, committee report, judicial precedent, statement of problem and conclusion.
Keywords: contingent contract, enforceable, agreement, performance
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