Section 31 of the Indian Contract Act, 1872 – “Contingent contract” defined

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Section 31: “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 Bs house is burnt. This is a contingent contract.

Source: official text of The Indian Contract Act, 1872 as published on India Code (PDF). All sections of the Indian Contract Act, 1872.

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