Section 31 of the Indian Contract Act, 1872.

Section 31 of the Indian Contract Act, 1872.

“Contingent contract” defined.

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 B Rs. 10,000 if B’s house is burnt. This is a contingent contract.