Kushal Agrahari & Shruti Ukey
ABSTRACT
Contingent contracts are the Contracts that are contingent (subject to chance) on the occurrence or non-occurrence of an unforeseen outcome is defined under Indian Contract Act, 1872. The primary goal of this study is to explain the meaning of contingent contracts in India and to show how a contract fits into the contingency notion. As a result, there will be more clarity on how a contract falls under the term of contingency. This paper also establishes a proper meaning of each section (31-36). This research will also look into why some agreements, such as insurance and indemnity, which fall under the umbrella of contingent contracts and to differentiate between way to wager contract and contingent contract. It explains what a contingent contract is and what it entails. The paper also describes when a ‘contingent contract can be enforced and when one can become void’ with proper judicial precedents.
Keywords: “Contract, Contingent contract, wagering contract, Section 31-36 of Indian contact act.”
