Contingent contract
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A contingent contract is an agreement to do or not do something depending on whether a future uncertain event that is collateral to the contract does or does not occur. For a contingent contract to be enforced, the uncertain future event must happen. The performance of a contingent contract depends on an act by the promisor if a specified event occurs within a fixed time period, but not on impossible events. Contingent contracts differ from wagering agreements in that they do not contain reciprocal promises and the future event is only collateral, not the sole determining factor.
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contingent contract
The document provides an overview of contingent contracts, including their meaning and definition, essential characteristics, and rules regarding enforcement. A contingent contract is one where a promise is conditional on the happening or not happening of some future uncertain event. The event must be collateral to the contract. For example, a contract to pay someone if their house burns down. Rules include that contingent contracts cannot be enforced until the event occurs, and become void if the event becomes impossible.
The indian-contract-act-1872
There are several ways a contract can be discharged including performance, agreement/consent, impossibility, lapse of time, operation of law, and breach. Performance discharges a contract when both parties fulfill their contractual promises. Discharge by agreement/consent occurs when parties mutually agree to cancel or modify the contract terms through novation, rescission, or alteration. Impossibility discharges a contract when unforeseen circumstances make performance impossible. Lapse of time, such as the expiration of a time limit, also discharges contracts. Operation of law discharges certain contracts through factors like death, insolvency, or merger. Breach by one party discharges the obligations of the other party.
Quasi contracts & contingent contracts
Contingent contracts occur when parties fail to reach agreement during negotiations. They are characterized by conditional terms that depend on future events or conditions. Everyday examples include an employee being allowed to work from home after one year on the job if reports are submitted on time, and a teenager having privileges if rules like curfew and respectful behavior are followed but losing them if rules are violated. For a contingent contract to be effective, the objectives of both parties must be aligned, the promise depends on an uncertain future event outside either party's control, and the terms should be formally written with legal input and means of measurement agreed upon.
Contingent contracts
This document discusses contingent contracts under Indian law. It defines a contingent contract as one where performance depends on an uncertain future event. Insurance, indemnity, and guarantee contracts are provided as examples. Key requirements of contingent contracts are outlined, including that the future event be uncertain and collateral to the contract. The document also discusses differences between contingent contracts and void wagering agreements, and conditions for enforcement and voidness of contingent contracts. Commercial applications of contingent contracts including insurance, guarantees, negotiations, and mergers & acquisitions are also mentioned.
Contingent contract
Contract means Conditional Contract. When imposed and condition is fulfilled, the Contingent Contract becomes valid and then parties have to perform their obligations.
Contingent Contract
This document summarizes rules governing contingent contracts under Indian contract law. It discusses contracts that are contingent on future uncertain events occurring or not occurring, including events dependent on the future conduct of living persons. Specific types of contingent contracts are defined, such as those contingent on an event occurring within a fixed time period. Examples are provided to illustrate rules such as contracts becoming void if the contingent event becomes impossible or does not occur within the specified time frame.
Void & voidable contract
1. A void agreement is void from the beginning and cannot be considered a valid contract, whereas a voidable agreement can be terminated and avoided by the aggrieved party but is otherwise a valid contract.
2. Examples of void agreements include those made by minors or with an unlawful object, while voidable agreements result from consent obtained through coercion, undue influence, or misrepresentation.
3. A voidable agreement can be enforced unless avoided by the aggrieved party, whereas a void agreement confers no rights and creates no obligations from the beginning.
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contingent contract
The document provides an overview of contingent contracts, including their meaning and definition, essential characteristics, and rules regarding enforcement. A contingent contract is one where a promise is conditional on the happening or not happening of some future uncertain event. The event must be collateral to the contract. For example, a contract to pay someone if their house burns down. Rules include that contingent contracts cannot be enforced until the event occurs, and become void if the event becomes impossible.
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Contingent contracts occur when parties fail to reach agreement during negotiations. They are characterized by conditional terms that depend on future events or conditions. Everyday examples include an employee being allowed to work from home after one year on the job if reports are submitted on time, and a teenager having privileges if rules like curfew and respectful behavior are followed but losing them if rules are violated. For a contingent contract to be effective, the objectives of both parties must be aligned, the promise depends on an uncertain future event outside either party's control, and the terms should be formally written with legal input and means of measurement agreed upon.
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This document discusses contingent contracts under Indian law. It defines a contingent contract as one where performance depends on an uncertain future event. Insurance, indemnity, and guarantee contracts are provided as examples. Key requirements of contingent contracts are outlined, including that the future event be uncertain and collateral to the contract. The document also discusses differences between contingent contracts and void wagering agreements, and conditions for enforcement and voidness of contingent contracts. Commercial applications of contingent contracts including insurance, guarantees, negotiations, and mergers & acquisitions are also mentioned.
Contingent contract
Contract means Conditional Contract. When imposed and condition is fulfilled, the Contingent Contract becomes valid and then parties have to perform their obligations.
Contingent Contract
This document summarizes rules governing contingent contracts under Indian contract law. It discusses contracts that are contingent on future uncertain events occurring or not occurring, including events dependent on the future conduct of living persons. Specific types of contingent contracts are defined, such as those contingent on an event occurring within a fixed time period. Examples are provided to illustrate rules such as contracts becoming void if the contingent event becomes impossible or does not occur within the specified time frame.
Void & voidable contract
1. A void agreement is void from the beginning and cannot be considered a valid contract, whereas a voidable agreement can be terminated and avoided by the aggrieved party but is otherwise a valid contract.
2. Examples of void agreements include those made by minors or with an unlawful object, while voidable agreements result from consent obtained through coercion, undue influence, or misrepresentation.
3. A voidable agreement can be enforced unless avoided by the aggrieved party, whereas a void agreement confers no rights and creates no obligations from the beginning.
Contract act contract of guarentee and indemnity
An indemnity contract involves two parties, the indemnifier who promises to compensate the indemnity holder for any losses. A guarantee contract involves three parties, the creditor who lends money, the principal debtor who receives the loan, and the surety or guarantor who guarantees the loan. The key differences are that an indemnity contract only has two parties and one contract, while a guarantee contract has three parties and sub-contracts defining primary and secondary liability. The indemnifier bears full liability, while the surety can recover payments from the principal debtor in a guarantee contract.
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(1) A void contract is one that is not enforceable by law, such as agreements made by incompetent parties or those with an unlawful object or consideration. A voidable contract remains valid until rescinded by the aggrieved party, such as those caused by coercion or fraud.
(2) Breach of utmost good faith in an insurance contract makes it voidable at the option of the aggrieved party.
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#How to Terminate a contract# By SN panigrahi
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1. Termination By Notification,
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This presentation is one of my assignment in Business Law Class in Sampoerna University. This presentation is about Termination of Contract.
Slide: PowerPoint 2013
Design by: Hedi Fauzi
Image: Google Image
If you want the original file for your reference, feel free to ask me via email: hedi.fauzi@hotmail.com with subject [SlideShare] (Your Subject)
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An indemnity contract involves two parties, the indemnifier who promises to compensate the indemnity holder for any losses. A guarantee contract involves three parties, the creditor who lends money, the principal debtor who receives the loan, and the surety or guarantor who guarantees the loan. The key differences are that an indemnity contract only has two parties and one contract, while a guarantee contract has three parties and sub-contracts defining primary and secondary liability. The indemnifier bears full liability, while the surety can recover payments from the principal debtor in a guarantee contract.
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(1) A void contract is one that is not enforceable by law, such as agreements made by incompetent parties or those with an unlawful object or consideration. A voidable contract remains valid until rescinded by the aggrieved party, such as those caused by coercion or fraud.
(2) Breach of utmost good faith in an insurance contract makes it voidable at the option of the aggrieved party.
(3) An enforceable contract can be enforced in a court, while a void contract cannot due to defects that make it unenforceable, such as lack of required writing or registration.
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It provides definitions and examples for each type of contract. It explains key elements such as the parties involved, essential terms, creation and termination conditions. It also outlines the duties and rights of parties under different contracts. The document serves as a reference for understanding the nature and workings of various contracts governed by the Indian Contract Act, 1872.
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This document is a business law assignment submitted by Abdul azees, a student in Class II B.Com(SF) with Rollno 18UR25. The assignment discusses performance of contracts, including who must perform contracts according to Section 37 of the Indian Contract Act, tender of performance and its essentials, assignment of contracts by act of parties or operation of law, and discharge of contracts through performance, death, refusal to accept offer of performance, or breach of contract.
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The document discusses various types of agreements that are considered void under Indian contract law. It outlines agreements that are void because [1] they were entered into by an incompetent party, [2] there was a mutual mistake on an essential fact by both parties, or [3] the object or consideration of the agreement is unlawful or unlawful in part. It also discusses agreements that are void if they restrain marriage, trade, or legal proceedings. Agreements are also void if their meaning is uncertain or if they constitute wagering agreements.
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Business Law
Details on Free consent, Illegal and Void Contract, Discharge of contract.
Please do 'comment', if you want the assignment copy (Microsoft Word).
#How to Terminate a contract# By SN panigrahi
#How to Terminate a contract# By SN panigrahi,
1. Termination By Notification,
2. Termination Due to Impossibility of Performance,
3. Termination Due to Frustration of Purpose,
4. Termination Due to Breach of Contract,
5. Termination By Convenience or Mutual Agreement,
6. Termination for Instances of Mistake, Fraud, or Misrepresentation
Difference between Indemnity and Guarantee In Contract Law
A contract of indemnity and a contract of guarantee are both contingent contracts under contract law. However, they differ in key ways. In a contract of guarantee, there are three parties involved: a creditor, debtor, and surety. The surety guarantees to pay the creditor if the debtor defaults. In contrast, a contract of indemnity involves only two parties: an indemnifier who promises to compensate losses incurred by the indemnified. Additionally, in a guarantee the debtor is primarily liable while the surety is secondarily liable, but in an indemnity the indemnifier assumes primary liability for losses caused.
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Termination of Contract
This presentation is one of my assignment in Business Law Class in Sampoerna University. This presentation is about Termination of Contract.
Slide: PowerPoint 2013
Design by: Hedi Fauzi
Image: Google Image
If you want the original file for your reference, feel free to ask me via email: hedi.fauzi@hotmail.com with subject [SlideShare] (Your Subject)
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The document discusses the differences between indemnity contracts, guarantee contracts, contingent contracts, and wagering agreements.
An indemnity contract involves two parties where one promises to compensate the other for any losses. A guarantee contract involves three parties where a surety guarantees a loan between a creditor and principal debtor. Contingent contracts are broader and can include wagers, where performance depends on an uncertain future event. Wagering agreements specifically involve mutual promises to pay based solely on an uncertain outcome.
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Name M.Lenin
Roll number 18UR70
This document lists 18 types of agreements that are considered void as being against public policy under Indian law. These include agreements trading with enemy, interfering with the course of justice, restraining legal proceedings, stifling prosecution, influencing elections, creating monopolies, restraining personal freedom or marriage, defrauding creditors, and interfering with marital duties. Reasons provided include that such agreements aim to circumvent the law, corrupt public processes, or harm individuals or society.
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2. Circumstances where contracts do not need to be performed such as when performance becomes impossible or the parties agree to modify or rescind the contract.
3. Who is responsible for contract performance - the promisor, their agent, legal representatives, or a third party. Joint promisors' obligations can devolve through default or release.
4. Time and place of performance depends on what is specified in the contract or prescribed by the promisee
Enterprise risk-mgmt[1]
The document summarizes key changes to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) internal control framework, including:
1) It adds three new components - internal environment, objective setting, and event identification - expanding the original five components.
2) It adds a strategic objective to the original three objectives of operations, reporting, and compliance.
3) It provides overviews of the eight components and four objectives, outlining factors and processes within each.
The framework is intended to help organizations effectively manage enterprise risks and achieve objectives.
Offer and acceptance-3
The document discusses the legal concepts of offer and acceptance. It defines an offer as a proposal made by one party to another to enter into a legally binding agreement. For an offer to be valid, it must be definite, unambiguous, and communicated to the offeree. An acceptance is the manifestation of assent by the offeree to the terms of the offer, creating a legally binding promise. For an acceptance to be valid, it must be absolute, within a reasonable time period, and communicated to the offeror. The document outlines the rules and legal requirements regarding offer, acceptance, revocation, and rejection.
Ni act
The document discusses negotiable instruments under the Negotiable Instruments Act 1881. It defines negotiable instruments as written documents that transfer ownership rights to another person upon delivery (if payable to bearer) or endorsement and delivery (if payable to order). The key characteristics are that the instrument must be payable to order or bearer, freely transferable, presume the holder as a holder in due course with valid title, and presume consideration. Common negotiable instruments are promissory notes, bills of exchange, and cheques. A promissory note contains an unconditional promise to pay a definite sum of money to a specific person or bearer. A bill of exchange is an unconditional order to pay a definite sum of money
Nature of contract-2
The document discusses the nature of contracts under Indian law. It notes that the Indian Contract Act of 1872 lays out general principles and some special contracts, and covers indemnity and guarantee. A contract is defined as an agreement enforceable by law, consisting of an agreement and enforceability. There must be consensus between the parties for a valid contract. Essential elements include offer and acceptance, lawful consideration, capacity and consent of parties, lawful object, and agreements not declared void. Contracts are classified based on validity, formation, and performance.
Legality of object-7
An object or agreement is considered illegal if:
1) It is forbidden by law or would defeat the provisions of any law.
2) It is fraudulent or involves injury to another's person or property.
3) A court regards it as immoral or opposed to public policy.
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Contingent contract
- 2. DEFINITION 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.
- 3. Characteristics 1. Its performance depends upon the happening or non-happening in future of some event. 2. The event must be uncertain. 3. The uncertain future event must be collateral to the contract.
- 4. Rules 1. If a contingent contract is to be performed if an uncertain future event happens, it cannot be enforced until the event has happened. 2. Ii depends for its performance on doing of an act by the promisor. 3. It contemplates doing of a thing if a specified event happens within a fixed time. 4. It contemplates to do anything if an impossible event happens.
- 5. Wagering vs. continent • Consist of reciprocal • Not contain reciprocal promises. promises. • Is of contingent nature. • May not be of a • Is void agreement. wagering nature. • It is a game of chance. • Is valid agreement. • The future event is sole • It is not in case of determining factor. contingent contract. • Future event is only collateral.