Page 11 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

may be enforced by action for damages although there is no

consideration.

A contingent contract is a contract to do or not to do something, if

some event, collateral to the contract, does or does not happen.

A contract of insurance is in its nature aleatory, voluntary,

executor, synallagmatic, conditional, personal and one of

indemnity.

Section 10 of the Indian Contract Act states that all agreements

are contracts if they are

 Made by free consent of

 parties competent to contract

 for a lawful consideration and

 with a lawful object and

 are not expressly declared by the act to be void