The contract is an agreement creating and defining obligation between prates. The law of contract deals with agreements that can be enforced through courts of law. This is the most important part of commercial law because every commercial transaction starts from an agreement between two or more persons.
A Contingent contract contains a condition promise. A promise is “absolute” or “unconditional” when the promissory undertakes to perform it in any event. A promise is “conditional” when performance is due only if an even, collateral to the contract, dose or does not happen. “Collateral” means “subordinate but from same source, connected but aside from main line.