Simple English definitions for legal terms
Read a random definition: innocent converter
Contingent: Something that may or may not happen in the future, depending on something else that is uncertain. For example, if you promise to clean your room only if your friend comes over, that promise is contingent on your friend's visit. In legal terms, a contingent event is one that will only happen if a certain condition is met. The opposite of contingent is vested, which means something is definite and unconditional.
Definition: Contingent means that something may or may not happen in the future, depending on whether a certain condition is met. This term is often used in contracts where an event will only happen if a specific condition is fulfilled. The opposite of contingent is vested, which means that something is definite and unconditional.
These examples illustrate how contingent means that something is dependent on a specific condition being met. In each case, the outcome is uncertain until the condition is fulfilled. This uncertainty is what makes something contingent rather than vested.