An emergency agreement is a contract that depends on one or more events that may or may not take place. If the indicated events occur, the parties may have a binding contract or the contract becomes void depending on the nature of the urgency. Among the most common emergency agreements are lawyers` fee agreements, real estate sales, and construction contracts. DEFINITION: According to Article 31 of the ICA, 1872, a prospective contract is a contract to do something or not to do it when the event, the security of such a contract, occurs or not. It is therefore a contract whose performance depends on the arrival or absence of an uncertain future event that constitutes a guarantee for such events. EX: `A` promises to pay Rs 10000 / – if B`s house is burned. ESSENTIAL CHARACTERISTICS OF A POSSIBLE CONTRACT: 1. Its fulfillment depends on whether or not an event survives in the future of an event. 2. The event must be uncertain 3. The event must be a guarantee RULES FOR THE EXECUTION OF A POSSIBLE CONTRACT: the following rules are those that govern the execution of a possible contract: 1.
Conditional contract on the appearance of an uncertain event to come: – If the occurrence of such an event is possible, it will be imposed and if the event of such an event becomes impossible, it becomes invalid. EX: “A” agrees to pay a sum of money to “B” if “B” marries “C”. He dies without being married to `B`. The contract is not concluded. 2. Conditional contract of non-conformity of an uncertain event to come: if the event becomes impossible, it is imposed and if such an event is possible, it becomes invalid. EX: “A” agrees to sell his car to “B” when “C” dies. The contract cannot be enforced as long as “C” lives illustration: X promises to pay Y, Rs. 10,000 when Y leaves Delhi for London on March 31, 2019.
It is a possible contract. Going to London may be in Y`s will, but it`s not just his will. If an agreement to do or not to do is based on the impossible event, then this agreement is not valid, whether or not the impossibility of the event is known to the parties to the agreement at the time of its delivery. [Section 36] Negotiators often find themselves at an impasse because they make different predictions about the evolution of the future. By negotiating a potential contract, they can eliminate the need to compensate for these differences. Contingent Contract is a contract whose applicability depends on the capacity. Conditional contract has all the springs of the difference in contract is that in quota contracts may depend on an eventuality that may or may not occur. If the contingent of execution is not fulfilled, the possible contract will be cancelled. So you think you`ve done everything you can to create value in your negotiation. You looked at logrolling and made trades based on your preferences and the different preferences of the other party on certain topics. You`ve accumulated new themes to add to the discussion, add a quota contract, and put forward multiple offers at the same time to identify what your counterpart is.
Read more The probability that uncertainty is certain, the calculation of results if the event does not occur, and the measurement of the potential to influence the consequences are all contingency contracts. The parties may decide that the performance of the obligations arising from a contract depends on a possible case, even if the contract is actually concluded. The parties who agree on the conditions agree that the rights will be respected and that, therefore, the obligations will be due on the date of entry into force of the case at the time of liquidation of a valid contract.. . .