NATURE OF CONTINGENT CONTRACTS IN INDIA

Abstract

The purpose of this paper is primarily to explain the essence of contingent contracts in India and to illustrate how a contract fits under the concept of contingency. The aim of writing this paper is not only to explain how contingent contracts operate in India, but also to perform a comparative analysis on how a wagering arrangement varies from a contingent contract. This research would also discuss that, because of its wagering nature, those agreements fall under the purview of illegitimacy. Why are such arrangements such as insurance and reimbursement protected by contingent contracts, while betting is covered by a wagering arrangement that is invalid ab initio? This is the issue that this essay is basically aimed at exploring and addressing.