Chapter 5 Contingent Contracts Flashcards
1
Q
Define “Contingent contracts.”
A
Contact to do( or not to do ) something if some event, collateral to such contract does or does not happen (e.g., guarantee contracts)
( These contracts are valid( unless dependent on illegal/impossible event) as compared to wagering agreements).
2
Q
List down “essentials of contingent contracts.”
A
1- Contact depends on future event.
2- Collateral event.
3- Uncertain event.
3
Q
What is the status of the contingent contracts dependent on the future conduct of a person ?
A
Such event shall be considered impossible if that person does anything by which it becomes impossible to perform the contract within any definite time.
