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  • Peter is a private insurer and enters into a contract with John for fire insurance of John’s house. Accordi

Peter is a private insurer and enters into a contract with John for fire insurance of John’s house. According to the terms, Peter agrees to pay John an amount of Rs 5 lakh if his house is burnt against an annual premium of Rs 5,000. Decide.

Option: 1

According to section 31 of the Indian Contract Act it is a Contingent contract.


Option: 2

Valid contract


Option: 3

Void contract


Option: 4

According to section 32 of the Indian Contract Act it is a Contingent contract.


Answers (1)

best_answer

This is a contingent contract as per section 31 of the Indian Contract Act, 1872 which says that" If two or more parties enter into a contract to do or not do something, if an event which is collateral to the contract does or does not happen, then it is a contingent contract.” Hence correct option is a.

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SANGALDEEP SINGH

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