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      Question

      What is a contingent

      contract?
      A A contract that is binding only if both parties agree to its terms Correct Answer Incorrect Answer
      B A contract that is automatically terminated if one party fails to fulfill its obligations Correct Answer Incorrect Answer
      C A contract that depends on the occurrence or non-occurrence of a specific event Correct Answer Incorrect Answer
      D A contract that is legally enforceable without any conditions Correct Answer Incorrect Answer
      E A contract that can be modified at any time by either party Correct Answer Incorrect Answer

      Solution

      Contract Act: 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.

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