Contingent Contracts & QUASI CONTRACTS
SECTION FOR REFERENCE:31 UNDER INDIAN CONTRACT ACT 1872
INTRODUCTION TO CONTINGENT CONTRACTS Sec. 31
| Meaning contingent contract | A contingent contract is a contract to do or not to do something If some event, collateral to such contract, does or doesn’t happen |
| Essentials features of a contingent contract | (a) It is contract do or not to do something (b) This contract is dependent happening or non-happening of event (c) Such an event is a collateral event, i.e., is collateral to the contract i.e., the event must not depend on the more will if a party (d) The event is uncertain |
UNDERSTANDING CONTINGENT CONTRACTS (Sec. 31)
| Contract contingent upon | When can it be enforced? | When does it become void? |
| Happening of an event | When such even has happened | When the happening of such event becomes impossible |
| Non happening of future event | When the happening of such event becomes impossible | When such even has happened |
| Happening of an event within a specified time | When such event has happened within the specified time | When the happening of such even becomes impossible before the expiry of specified time. When such event has not happened within the specified time When such even has happened within the specified time. |
| Non-happening of an event within a fixed time. | When the happening of such even becomes impossible before the expiry of specified time. When such event has not happened within the specified time When such even has happened within the specified time. | When such event has happened within the specified time |
| Future conduct of a living person | When a such person acts in the manner. desired in the contract | When such person does anything which make the desired future content of with post- (A) Impossible, or (b) Dependent upon certain contingency |
| Impossible events | Such agreement can’t be enforced since it is void Whether the impossibility of the event was known to the parties or not is immaterial | |
QUASI CONTRACTS
INTRODUCTION TO QUASI CONTRACTS
| Meaning of a quasi contract | It means a contract which lacks one or more of the essentials of a contract. |
| Basic of quasi contract | Quasi contracts are declared by a law as valid contract on the base of principles of equity, i.e., no person shall be to enrich the expense of the another |
| Legal effect of a quasi contract | The legal obligation of the remains of the parties quasi contract also i.e., the parties will have the same obligation and rights as if such bquasi contracts fulfills the essentials of a contract. |
