Section 513
Contingent Contract
(1) If a contract is concluded to do or not to
do any act if some event happens in the future, such a contract shall
create no obligation until such an event happens.
(2) If a contract is so concluded as to be deemed to be
concluded if any person does a particular act in the future, such a
contract shall create no obligation if such a person does anything by
which he or she becomes unable or it becomes impossible for him
or her to do such an act.
(3) If a contract is concluded to do or not to do any act if
any uncertain event does not happen in the future, the obligation
under such a contract shall arise only after such an event becomes
impossible to happen.
(4) If a contract is concluded to do or not to do any act if
any event happens within any fixed time in the future, the contract
shall be deemed to be void after such an event becomes impossible
to happen within, or after the expiry of, the fixed time.
(5) If a contract is concluded to do or not to do any act if
any event does not happen within any fixed time in the future, the
obligation under such a contract shall arise if such an event does not
happen or it becomes certain that such an event will not happen
within the fixed time.