CSEET · Business Laws and Management · Elements of Law of Contracts
Under the Indian Contract Act, 1872, a contract to do or not to do something if some event, collateral to such contract, does or does not happen is called:
Such a contract is a contingent contract. Section 31 defines it as a contract to do or not to do something if some event, collateral to the contract, does or does not happen. The performance depends on that collateral event.
- AA wagering agreement
- BA contingent contractCorrect
- CA quasi contract
- DA voidable contract
Explanation
Section 31 defines a contingent contract as one to do or not to do something if an event collateral to the contract does or does not happen. A quasi contract arises by operation of law without agreement, and a voidable contract is enforceable only at the option of one party. Neither fits the definition.
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