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What is Contingent Contract in Hindi?| Contingent Contract Section 31- 36 | Indian Contract Act 1872

Contingent Contract | Section 31-36 | Indian Contract Act | Examples | Explained in Hindi | Rules regarding Enforcement of Contingent Contract| CA Foundation 🔴 Contingent Contract Meaning In a contingent contract, the performance of the promisor is dependent on the fulfillment of certain conditions. These contracts create an obligation on the promisor only if the conditions collateral to the contract are met. 🔴 Let Us Define Contingent Contract as Per Section 31 of the Indian Contract Act, 1872 According to the Indian Contract Act, “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.” Insurance contracts, indemnity contracts, and guarantee contracts are some examples of contingent contracts. 🔴 Contingent Contract Example: A promises to pay B a sum of 20 thousand rupees if there is damage to his house from fire. The payment of the amount is contingent on the house being destroyed by fire. If there is no fire, B cannot claim the amount from A who is not liable to pay since the fire that was the collateral condition, did not happen. 🔴 What Constitutes Contingent Contracts? There are certain essential elements of a contingent contract as stated under section 31 of the Contract Act. 🗣️ Depends on the Occurrence or Non-Occurrence of an Event A contingent contract will be deemed valid only if an event occurs or does not occur and it is collateral to the contract. 🗣️ Contract Performance Must be Conditional The meaning of a contingent contract is that the conditions collateral to the contract must be certain to happen in the future. The presence of a condition is essential for a contract to be contingent. Section 32 and Section 33 of the Contract Act state that the enforcement of a contingent contract is subject to the collateral conditions being fulfilled. Example: X agrees to employ Z as an employee if he clears the exams with 85 percent marks or more. X is liable to give the job to Z only when he meets the condition specified of clearing the exams with the required percentage. 🗣️ The Condition of the Contract must be a Future Event A contract will be considered a contingent contract only if the event specified is a future event that may or may not happen. 🗣️ The Condition Specified must be Collateral to the Contract A contingent contract is based on the occurrence or non-occurrence of an event. This event must be collateral to the contract and not a part of the consideration mentioned in the contract. The contingency must be an independent event. Example: X enters into a contract with Y to pay him 10000 rupees on the delivery of some books. This is not a contingent contract since X has an obligation to pay for an event that is part of the contract and not collateral to it. Example: X enters into a contract with Y to pay him 10000 rupees if the books are delivered to him by Friday. In this case, delivery by Friday is collateral to the contract and not a part of the consideration. Hence this is a contingent contract. 🗣️ The Event must not Depend on the Mere will of the Promisor The event must not be influenced only by the will or wish of the promisor. Example: X promises to pay a certain sum to Y if Y leaves for Delhi on 1st June. Going to Delhi is Y’s will but is not an event completely dependent on his will. ======================================== 🔴 This video might be useful for students preparing for - 🗣️ 11th Commerce #11thcommerce 🗣️ 12th commerce boards #12thcommerce 🗣️ CSEET(CS FOUNDATION ICSI) #cseet 🗣️ CA Foundation #cafoundation 🗣️ UGC NET COMMERCE #ugcnetcommerce 🗣️ LLB #llb 🗣️ UGC NET LAW #ugcnetlaw ======================================== 🔴 In this video - #padhakulog Teacher's Name - CS Payal Popli Topic - Meaning of Contingent Contract =============================================== 🫵🏻 Connect with us- 🗣️Instagram- https://instagram.com/padhaku_log?igs... 🗣️Facebook-   / padhaku-log-101091301476679   🗣️Watsapp-9630227777 🗣️Telegram-9630227777 =============================================== ❤️About us: Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.