New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    What is a contingent

    contract?
    A A contract that is binding only if both parties agree to its terms Correct Answer Incorrect Answer
    B A contract that is automatically terminated if one party fails to fulfill its obligations Correct Answer Incorrect Answer
    C A contract that depends on the occurrence or non-occurrence of a specific event Correct Answer Incorrect Answer
    D A contract that is legally enforceable without any conditions Correct Answer Incorrect Answer
    E A contract that can be modified at any time by either party Correct Answer Incorrect Answer

    Solution

    Contract Act: Section 31.  "Contingent contract" defined:  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.

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