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The Indian Contract Act, 1872: page 20

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    Exception in favour of certain prizes for horse-racing.—This section shall not be deemed to
render unlawful a subscription or contribution, or agreement to subscribe or contribute, made or entered
into for or toward any plate, prize or sum of money, of the value or amount of five hundred rupees or
upwards, to be awarded to the winner or winners of any horse-race.
    Section 294A of the Indian Penal Code not affected.—Nothing in this section shall be deemed to
legalize any transaction connected with horse-racing, to which the provisions of section 294A of the
Indian Penal Code (45 of 1860) apply.
                                                        CHAPTER III
                                           OF CONTINGENT CONTRACTS
   31. “Contingent contract” defined.—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.
                                                          Illustration
     A contracts to pay B Rs. 10,000 if B’s house is burnt. This is a contingent contract.

    32. Enforcement of contracts contingent on an event happening.—Contingent contracts to do or
                                                                                     e
not to do anything if an uncertain future event happens cannot be enforced by law unless and until that
event has happened.                                                           od
     If the event becomes impossible, such contracts become void.
                                                                      aC
                                                          Illustrations
                                                                 di
     (a) A makes a contract with B to buy B’s horse if A survives C. This contract cannot be enforced by law unless and until C
dies in A’s lifetime.
                                                           In
     (b) A makes a contract with B to sell a horse to B at a specified price, if C, to whom the horse has been offered, refuses to
buy him. The contract cannot be enforced by law unless and until C refuses to buy the horse.
     (c) A contracts to pay B a sum of money when B marries C. C dies without being married to B. The contract becomes void.

     33. Enforcement of contracts contingent on an event not happening.—Contingent contracts to do
or not to do anything if an uncertain future event does not happen can be enforced when the happening of
that event becomes impossible, and not before.
                                                          Illustration
     A agrees to pay B a sum of money if a certain ship does not return. The ship is sunk. The contract can be enforced when the
ship sinks.

    34.When event on which contract is contingent to be deemed impossible, if it is the future
conduct of a living person.—If the future event on which a contract is contingent is the way in which a
person will act at an unspecified time, the event shall be considered to become impossible when such
person does anything which renders it impossible that he should so act within any definite time, or
otherwise than under further contingencies.
                                                          Illustration
     A agrees to pay B a sum of money if B marries C. C marries D. The marriage of B to C must now be considered impossible,
although it is possible that D may die and that C may afterwards marry B.

    35.When contracts become void which are contingent on happening of specified event within
fixed time.—Contingent contracts to do or not to do anything if a specified uncertain event happens
within a fixed time become void if, at the expiration of the time fixed, such event has not happened, or if,
before the time fixed, such event becomes impossible.



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