Contingent Contract and Types of Contingent Contracts

Contingent contract
Contracts absolute and contingent contracts based on the presence or absence of conditions of contracts can be divided into two groups, viz. In the case where there is a condition known as absolute agreement. Since there is no condition, the absolute agreement is carried out in all circumstances.
In the case of illness, referred to this agreement contingent contract. Therefore contingent contingent contract means the contract. If charged and the condition is met, the contract shall be valid and contingent then the parties must meet their obligations. If charged and are not satisfied, the contract null and void conditional, and then turned it need not take place. Sun contingent contract is performed under certain circumstances.
For example, there is a contract between A and B which has its products that are under way to sell B, when the ship reached port safely. Here to view the status and the eventual contract. All indemnities, guarantees and insurance contracts are contracts possible. In accordance with §. Act of 31 contracts in India, is the execution of an order of which is happening or not a particular case is called non-contingent contract.Types of temporary contracts

    Depending on the occurrence of an uncertain event: There is sometimes contingent contract depends on an uncertain event. Then, when such uncertain event occurs, the contract shall be valid and contingent, not knowing if this event does not occur, the contract is contingent empty. For example: According to the contract formed between A and B, A does not sell goods, B, when it is safe to send your contract is valid and if the boat drowns, your contract is null and void.

    Depending on not passing on an uncertain event: In times of contingent contract can be non-occurrence of uncertain events depends. So if the event does not occur, the contract is valid and if the event occurs, the contract is void. For example: A contract between A and B which does not sell goods, B, if the ship does not return. Here, when the ship returned, the contract is void, and if the boat drowns away, then it is valid.

    Depending on the occurrence of an uncertain event within a fixed period: Temporary contracts depends on an uncertain event occurring in a fixed time period. If an event occurs within a specified period, the contract is valid. If an event does not occur within the time allowed, the contract is void. For example: According to the contract formed between A and B, have to sell a product, B, when the ship returns within 10 days. If the 8 Day (or) 9 Day, the contract is valid and if he returns on 12 Day (or) 13 Day, the contract is void.

    Depending on not passing on an uncertain event, within a specified period: In times of contingent contract can be non-occurrence of uncertain events in a given time, when such an event within that deadline, the contract is void, and if the event not made within the agreed period, then it is valid. For example, one has to sell the property if the ship does not come back B within 10 days. If the 8 Day (or) 9 Day, the contract is void, and if he returns on 12 Day (or) 13 Day, the current contract.

    Depending impossible for an event: Sometimes the conditional contract may depend on impossible event. This type of contingent contract is void ab initio. For example, there is a contract between A and B, where A pay Rs.100000 / - to B if B married C. Suppose C had died 5 years ago, is now part of the inability to see and contract is void ab initio.