8.2 Rules regarding Contingent Contract

The rules (the Code's contingent-contract provisions, the classical rules' codification): The event's happening: the contingent contract upon the event's happening becomes enforceable when the event happens; if the event becomes impossible, the contract becomes void; The event's non-happening: the contract contingent on an event's not happening becomes enforceable when the event's non-happening is established (the happening makes it void) — with the fixed-time rule: where the event's non-happening within a fixed time is the contingency, the contract fails if the event happens within that time or the time expires without the event's impossibility becoming certain; The impossible-event contingency: the contingent contract on an impossible event (impossible at formation) is void ab initio (the initial impossibility's cousin — Unit 6); The contingent event deemed impossible when it is the future conduct of a person not a party: where the event is a third party's future act, its non-occurrence within reasonable time (and any fixed time) makes the contingency's failure; The event within a fixed time: the happening-contingency with a fixed time fails if the time expires without the event (the time's essence in the contingency); The impossible-event discovery: where the event is future-and-uncertain but becomes impossible before the time, the contract's enforcement ends. The Nepali frame: the Code's conditional-promises provisions (the enforceability rules above); the insurance statutes (the Insurance Act's regulatory…