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Contingencies and Contracts Quiz
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Contingencies and Contracts Quiz

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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?

  • 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

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