What does legally contingent mean?

Contingent refers to an event that may or may not happen;something that is possible, uncertain or unpredictable. For example the trust was contingent. It could also mean dependent on something else; conditional.

What is meant by contingent in legal framework?

Section 31 of the Act defines ‘contingent contract’ thus: 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. [ Every contingent contract is thus a contract primarily.

What is the best definition of contingent?

1 : dependent on or conditioned by something else Payment is contingent on fulfillment of certain conditions. a plan contingent on the weather. 2 : likely but not certain to happen : possible. 3 : not logically necessary especially : empirical.

Does contingent mean sold?

A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.

What is difference between contingent and quasi contract?

This is a contingent contract. he word contingent ordinarily means ‘subject to chance’. However, a quasi-contract may be defined as, “a transaction in which there is no contract between the parties; the law creates certain rights and obligation between them which are similar to those created by a contract.

Which contracts are contingent?

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. Illustration:- A contracts to pay to B Rs. 20,000 if B’s house is burnt.

What is a contingent of people?

As a noun, contingent means either “a group of soldiers that joins a larger force,” like a contingent of British troops sent to assist American soldiers, or “a group of people with something in common,” like the contingent of folks dressed as Batman at Comic-Con.

How long do contingency contracts last?

between 30 and 60 days
A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn’t able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer. This timeframe may be important if you encounter a delay in getting financed.

Can a seller cancel a contingent offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. A low appraisal can be detrimental to a sale on the seller’s end, and if they’re unwilling to lower the sale price to match the appraisal value, this can cause the seller to cancel the deal.

What are the types of quasi-contract?

Kinds of Quasi Contract

• (1) SUPPLY OF NECESSITIES (Sec.
• (2) PAYMENT BY AN INTERSTED PERSON (sec.
• (3) OBLIGATION TO PAY FOR NON-GRATUITOUS ACTS (Sec.
• (5) MISTAKE OR COERSION (Sec.

What is the definition of contingent?

The definition of contingent is something that depends on something else happening, or something that is possible or by chance.

What is contingent in real estate sale?

In real estate, you’ll often see the word “contingent” attached to a condition. Contingent means that an offer has been accepted by the seller, but the listing is still considered active until specific requirements have been met, such as the buyer sells their house.

What does contingent offer mean real estate?

A contingent real estate sales offer is a written purchase contract to buy a house that includes contingencies by which the buyer can nullify the sale. Contingencies are fairly common in real estate purchase contracts to protect the buyer and seller from an undesirable financial burden.

What does continency mean?

Continency(noun) self-restraint; self-command. Continency(noun) the restraint which a person imposes upon his desires and passions; the act or power of refraining from indulgence of the sexual appetite, esp. from unlawful indulgence; sometimes, moderation in sexual indulgence.