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. – section 31
Examples of contingent contracts are contracts of insurance and contracts of indemnity and guarantee.
Essentials of Contingent Contract
- Performance is depend upon happening or non-happening
- Event must be uncertain
- Future event must be collateral to contract: collateral event means connected event
Quasi or constructive contract
It means that nobody shall be allowed to become rich at the cost of another. Quasi-contracts are those types of obligations which are not created by agreement but the circumstances are such that obligations are created without and agreement.