Multiple choice

A contingent contract is

  1. dependent or conditional upon the happening or non-happening of a future event or contingency

  2. dependent or conditional upon the happening of a future event or contingency

  3. independent or unconditional contract

  4. None of these

  5. All of the above
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A Correct answer
Explanation

A contingent contract is a contract to do or not to do something if some event collateral to such contract does not happen. A contingent contract depends upon the happening or non-happening of a certain event. If such event takes place, then a contingent contract becomes valid and if that uncertain event does not take place, then a contingent contract becomes void.

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