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Section 31, Contract Act 1872: "Contingent Contract" Defined

Section 31 under the Chapter III (Of contingent contracts) of the Contract Act, 1872 of India - 'Contingent contract defined', is reproduced hereunder:—

“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.

Illustration

A contracts to pay to B Rs. 10,000 if B's house is burnt. This is a contingent contract.”

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