Agreement Contingent Contract With Example
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How to fill out Legal Services Agreement - Contingent?
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FAQ
The contract becomes void if the condition is not met. Thus, contingent contracts are meant to be performed only under specific circumstances. All types of insurance, indemnity, and guarantee contracts are considered as contingent contracts.
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. Contingent contracts usually occur when negotiating parties fail to reach an agreement.
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. Contingent contracts usually occur when negotiating parties fail to reach an agreement.
Essentials of Contingent Contracts1 Depends on happening or non-happening of a certain event.2 The event is collateral to the contract.3 The event should not be a mere will of the promisor.4 The event should be uncertain.Rule # 1 Contracts Contingent on the happening of an Event.More items...
Insurance contracts, indemnity contracts, and guarantee contracts are some examples of contingent contracts. Contingent Contract Example: A promises to pay B a sum of 20 thousand rupees if there is damage to his house from fire. The payment of the amount is contingent on the house being destroyed by fire.
