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A contingent contract is a contract to do or not to do something if some event. Collateral to such contract, does or does not happen. Insurance contract provide the best example of contingent contracts.
Example:
A contracts to pay B Rs. 10,000 if B's house is burnt. This is a contingent contract.
A promises to B Rs. 1 crore if a certain ship does not return within a year.
Essential features of a contingent contract
Dependence on a future event: The performance of a contingent contract depends upon the happening or non-happening of some future event.
Collateral Event: The event must be collateral to the contract.
Uncertain Event: The event must be uncertain.
Note:
The performance of a contingent contract must depend upon the happening or non-happening of an event and not on the mere will of the promisor.
Rule about contingent contract
When the contract, based upon happening of future event:
For example : A promises to pay B Rs. 10,000 if A's ship coming from London reaches at Mumbai-port on or before 31stMay,2011.
Case 1:When the ship reaches at Mumbai-port on or before 31stMay,2011
Valid contract(Enforceable law)
Case 2: When the ship reaches at Mumbai port after the specified period i.e. 31stMay,2011
Void/ Unenforceable
Case 3: When the ship sinks
Void/Unenforceable
When the contract, based upon non-happening of future event:
For example : A promises to pay B Rs. 10,000 if A's ship coming from London doesn't reaches at Mumbai-port on or before 31stMay,2011.
Case 1:When the ship reaches at Mumbai-port on or before 31stMay,2011 i.e., specified period
Void
Case 2: When the ship reaches at Mumbai port after the specified period i.e. 31stMay,2011
Valid
Case 3: When the ship sinks
Valid
What else can I help you with?
A worker who has no explicit or implicit contract for longterm employment is a what?
contingent worker
What is meant by a contingent beneficiary?
Contingent beneficiary means that on a will or insurance contract a person receives the benefits only if all of the predetermined conditions have been met
How can you use contingent in a sentence?
The success of the football team's valiant effort against last year's State Champions is contingent upon their star running back playing in spite of his broken wrist. Acceptance of this contract is contingent upon my attorney's approval.
The down payment on a home cannot be met. Can a purchase agreement be canceled?
You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.You need to review the contract you signed to determine if you can get your deposit back. If the agreement was contingent on your being able to amass the down payment then the contract can be voided. However, you need to review what you signed. It would be best to consult an attorney it there is no language in the contract to release you in this situation.
What is a contingent?
Contingent means that something can change. When you have a contingency plan you have a plan in place that will take effect if the environment changes.
What are contingent workers?
A temporary or part-time worker, usually one working under contract for a fixed period or a specific project.
Can future inheritance be subject of a contract of sale?
In most cases, future inheritance cannot be subject to a contract of sale as it is not considered a present asset or property owned by the individual at the time of the contract. Future inheritance is uncertain and contingent on the death of the benefactor, making it difficult to legally include in a contract.
What is contingent employment?
A contingent permanent appointment is an appointment made from an eligible list to a position which is permanently encumbered by another employee. Although the contingent permanent appointee serves a probationary period in the same manner as a permanent employee, full permanency cannot be gained until the position becomes unencumbered, at which time the contingent permanent employee is granted permanent competitive class status retroactive to the date of their original appointment in that position.
Is the bronchure a contract?
An advertising brochure is not considered a contract. It also typically has a lot of fine print indicating this. It is an offer that is usually contingent on availability. It can be really frustrating to show up and want something to discover that they don't have it.
Why didn't Answers.com buy Dictionary.com?
It tried to, signing a contract contingent on raising the capital, but it proved a very challenging climate to raise that much money.
What does contingent on a will mean?
what does a contingent mean on a bank statement.
Give me a sentence with ''contingent''in it?
(As an adjective, contingent can mean possible, accidental, or dependent. As a noun, contingent can mean part of a larger group or a quota.)(adjective) Your salary will be contingent on your performance as a supervisor.(noun) A contingent of troops arrived at the disaster site with medical supplies.
