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Question
A agree to sell 50 ton of steel bars if the import consignment safely reach India. This is a ___________.
A agree to sell 50 ton of steel bars if the import consignment safely reach India. This is a ___________.
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Solution
The correct option is B contingent contract
A contingent contract is one that is contingent as it depends on something else happening. Under Section 31 of the Indian Contract Act, 1872, contingent contracts are defined as follows: “If two or more parties enter into a contract to do or not do something, if an event which is collateral to the contract does or does not happen, then it is a contingent contract. The constituent elements of a Contingent contract are: - It is a contract
- It may be positive or negative, i.e to do or not to do something.
- It is dependent on the future event and this event is a future uncertain event, which may or may not happen.
In this A agreed to sell the steel bars only if consignment safely reach India which is a future possible event and hence, it is a contingent contract.
A contingent contract is one that is contingent as it depends on something else happening. Under Section 31 of the Indian Contract Act, 1872, contingent contracts are defined as follows: “If two or more parties enter into a contract to do or not do something, if an event which is collateral to the contract does or does not happen, then it is a contingent contract.
The constituent elements of a Contingent contract are:
- It is a contract
- It may be positive or negative, i.e to do or not to do something.
- It is dependent on the future event and this event is a future uncertain event, which may or may not happen.
In this A agreed to sell the steel bars only if consignment safely reach India which is a future possible event and hence, it is a contingent contract.
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