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Agreement Contingent On Possible Events Is

9 September 2021 No Comment

These are the main elements of a potential contract. A contract, if it meets the above criteria, can be considered a valid contingent contract. A potential contract is also a contract; but with certain specific requirements and these essential requirements make a contract a possible contract. Sections 32 and 33 of the Indian Contract Act, 1872 deal with the application of contracts relating to an event that takes place or an event that does not take place. A potential contract is only valid if it is a contract to do something or not to do it. For example, if a person is on contract A, B, another person to pay a sum of 10,000 if B`s house is burned, this is a valid eventual contract. On the other hand, the agreement to pay a minimum application fee, there is no event and the consumer must pay for it. This is a reference to the Northern India Iron and Steel Co. Ltd. case. against the State of Haryana and another[v] in which the Court held that section 31 of the Act was not applicable in the present case, in the absence of an event. The following examples are everyday agreements that can occur in the workplace: if a contract depends on how a person will behave at a future time, the event is considered impossible if that person does something that makes it impossible for the event to occur.

[Section 34] Contracts that depend on the occurrence of an uncertain event: these contracts only take effect if the uncertain event mentioned in the contract occurs. Suppose, for example, that A and B enter into a contract in which A promises to sell his goods on the way to B, provided that the goods reach the port safely. Since the sale of goods by A depends on one condition (that the goods reach the port), this is a possible contract. If the boat does not bring it to port, the contract will be cancelled. . .

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Kathy Becker (319 Posts)

Kathy is the CEO/President of the Company of Experts, Inc. and oversees this Small Woman Owned Business serving schools, colleges and universities, businesses, corporations and non-profits moving them from deficit models of planning and thinking to engagement, empowerment and collaboration.

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