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CPT Chapter Contingent & Quasi Contract

CA CPT Exam  

With Bharat Galani.Duration:2hrs 10min

Contingent & Quasi ContractDuration (min:sec)
Contingent Contract 
Introduction01:05
What is Contingent Contract09:33
Contingent Contract13:05
Essential Elements of Contingent Contract07:52
Wagering and Contingent Contract08:40
Wagering vs. Contingent Contract08:04
Enforcement of Contingent Contract20:45
Summary00:50
Quasi Contract 
Introduction07:03
What is Quasi Contract08:40
Types of Quasi Contract24:04
Finder of Goods07:14
Summary00:58
Quiz10:55
Conclusion01:21
Total2:10:09

Notes

What are contingent contract

Essential elements of contingent contract
Enforcing contingent contract
Wagering vs Contingent contract
Quasi Contract
Types of Quasi Contract

Contingent Contract

“a contract to do or not to do something, if some event collateral to such contract, does or does not happen”
Examples:
Fire Insurance,
Sales or Return tranaction,
Sale dependent on carrier,
Contract of Guarantee.
Also known as Conditional Contract

Essentials Contingent Contract

i) Valid Contract
ii) dependent upon happening or not- happening of some event
iii) Event is incidental to the main contract not reciprocal promise
iv) Not mere will of the promisor

Quasi Contract

Just like a contract or similar to a contract
Not a contract
Parties do not make this contract
Created by law
Liability even though no contract. Liability created by Law
Based on Principle of Equity (or Equality)

Types of Quasi Contract

Necessary supplied: incapable of contract: against estate
Non-Gratuitous Act: Obligation for Benefit
Mistake or Coercion: Return Money or Thing
Finder of Goods: Responsibility of bailee
Recover Money: paid to Protect own interest

Finder of Goods

Duties
Proper Care as if own good
Not to use it
Return to the owner, When traced
Rights
Perishable goods – Right to Sell
Expense exceeding 2/3rd of the goods – Right to retain

Few Examples-

A agrees to pay B a sum of money if a certain ship does not return. The ship is sunk. A refuses to pay. Advise B :
(a) B can enforce the contract when the ship sinks
(b) B can claim damages
(c) B can not enforce the contract when the ship sinks
(d) None

A promised to give ₹ 50,000 to B, if B is selected as the President of Co-operative society. It is _________
(a) Void contract
(b) Contingent contract
(c) Wagering contract
(d) Illegal contract

A contingent contract dependent upon non happening of a future uncertain event becomes void when such event :
(a) happens
(b) does not happen
(c) becomes impossible
(d) None of these.

Karthik is the coach of Sachin, a minor, who joined for Hockey coaching. The Fees is 10,000. The Contract is
(a) Void Agreement
(b) Contingent Contract
(c) Quasi Contract
(d) Wagering Agreement


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