What is Indian Contract Act Part-2

By |May 14th, 2019|

We have seen so far the introduction of an Indian Contract Act. In this article we will see the remaining part of the act. Section 31 of the act talks about the contingent contract which means to do or abstain from doing something. Contract of indemnity and contract of insurance falls under this category. In contingent contract promisor undertake to perform the contract which is depended upon happening/non happening of a specific future uncertain event. Which is collateral to the contract. It is also termed as the conditional contract. There are 5 conditions laid down under this category for the contract to be named as quasi contract.