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October 21, 2016

Contingent Contract & Quasi or Constructive Contract

Contingent Contracts

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.

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