Choose the correct statements from the following:

(A) In contingent contract, there is always reciprocal promise
(B) Third parties may have an interest in contingent contract
(C) Contingent contracts are never wagering
(D) If the uncertain future event becomes impossible, contingent contracts become valid

Choose the correct answer from the options given below:

(B) and (C) Only

The correct answer is Option (1) → (B) and (C) Only

(A) In contingent contract, there is always reciprocal promise:  False: In contingent contract, there is no reciprocal promise.

(B) Third parties may have an interest in contingent contract: True: Third parties can indeed have an interest in a contingent contract, especially if the contract involves them or if the outcome affects them.

(C) Contingent contracts are never wagering: True: Contingent contracts are different from wagering contracts. A contingent contract is based on a future event that is uncertain and can involve actual performance, whereas a wagering contract is purely based on the outcome of an uncertain event with no intention to perform any obligation.

(D) If the uncertain future event becomes impossible, contingent contracts become valid: False:  Contingent contracts cannot be enforced until the uncertain future event happens. If the uncertain future event becomes impossible, contingent contracts become void.