Chp 5 Contingent contracts

Question 1

Contingent Contract

Answer 1

‘Contract to do something, if an event, collateral to contract, happens or does not happen.’’

Question 2

Essentials of contingent

Answer 2

1. Future Event
2. Uncertain event
3. Collateral Event

Question 3

Examples of Contingent

Answer 3

1. Contract of Insurance
2. Contract of Guarantee

Question 4

Rules Regarding performance of contingent contract

Answer 4

1. Contingent upon happening of an event.
2. Contingent upon non-happening of an event.
3. Contingent upon Impossible event.
4. Contingent upon Future Conduct of persons.

Question 5

Contingent upon Happening of an event

Answer 5

1. Time fixed | Enforceable when event happens within time.
   | Not Enforceable if event becomes Impossible or does not happens with in time.
2. Time is not fixed | Enforceable when event happens.
   | Not enforceable if event becomes Impossible.