CONTINGENT CONTRACTS BY NUPUR GARG INTRODUCTION Section 31 of the Indian Contract Act, 1872 defines the term ‘Contingent Contract’ as follows: ‘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’. In simple words, contingent contracts, are the ones where the promisor perform his obligation only when certain conditions are met. The contracts of insurance, indemnity, and guarantee are some examples of contingent contracts. ESSENTIAL ELEMENTS There Must Be a Valid Contract To Do Or Not To Do Something Sections 32 and 33 of The Indian Contract Act, 1872 refer to the enforcements of contracts on an event happening and, on an event, not happening respectively. A contingent contract will be valid only if it is a contract to do or not to do something. For instance, if a person A contracts to pay B, another person, a sum of 10,000 if B’s house is burnt, it is a valid contingent contrac...