Write short notes on (d) Conditional sale

Meaning: a contingent contract is a contract to do or not to do something, the performance of which is made to depend on the happening or non-happening of an uncertain future event collateral to the contract. The two-part structure: (i) a present, binding agreement (the contract exists now — not conditional consent); (ii) the performance conditional on the collateral event (the duty suspended until the event resolves). The features (the identification list): A collateral event: the condition is collateral to the contract — outside the parties' mere wills: not the promisor's own future choice (that would be no contract at all); Uncertainty: the event uncertain — future and contingent (a certain past event cannot be the contingency's basis — though the parties' knowledge of it may be); The present contract: the agreement binding at formation — the contingency governs performance, not the contract's existence; The enforceability's suspension: the right to demand performance accrues only on the event's happening or failure; The paradigm: the insurance contract (the insurer's duty contingent on the risk's occurrence — the regulated contingent contract under the insurance statutes); the conditional sale (the sale if the ship arrives; the harvest contracts of the villages); the indemnity's contingent face (Unit 12). Contingent vs. wagering agreement (the companion table): Contingent contract Wagering agreement Definition Performance conditional on an uncertain…