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Contingencies and Contracts Quiz

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Which of the following is a legal term used to describe a situation where a party is only required to perform their obligations if a certain event occurs?

Conditional

Contractual

Compensatory

Contingent (correct)

What is the difference between contingent and conditional contracts?

Conditional contracts are always fulfilled, while contingent contracts may or may not be fulfilled (correct)

Contingent contracts are always fulfilled, while conditional contracts may or may not be fulfilled

Contingent contracts are only used in real estate transactions

There is no difference

Which of the following is a common example of a contingent contract?

A tenant must pay rent on the first of every month

A contractor is only paid if they complete the project on time (correct)

A seller must deliver goods to a buyer after payment is received

An employee is paid a fixed salary every month

Contingencies and Contracts Quiz

Choose a study mode

Podcast

Questions and Answers

Which of the following is a legal term used to describe a situation where a party is only required to perform their obligations if a certain event occurs?

What is the difference between contingent and conditional contracts?

Which of the following is a common example of a contingent contract?

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