Which term describes a promise that is contingent upon an act or event?

The term that correctly describes a promise that is contingent upon an act or event is a conditional contract. A conditional contract is an agreement where the obligations of one or both parties depend on a specific condition being met. This means that until the condition occurs, the promise within the contract may not be enforceable or may be held in abeyance.

For instance, in the case of a conditional promise, the fulfillment of the promise is reliant upon an event happening, such as the delivery of an item or a specific action being taken. This characteristic is essential in understanding how certain agreements operate within legal frameworks, especially in the context of bail bonds, where certain conditions might affect the release of a defendant.

In contrast, an absolute promise does not depend on any conditions and is binding in all situations. An executory agreement refers to a contract that has yet to be fully performed or fulfilled, lacking the specific contingent nature of a conditional contract. An irrevocable commitment suggests a pledge that cannot be withdrawn, but does not inherently relate to conditions for performance. Thus, the understanding of conditional contracts is crucial for anyone studying the nuances of agreements in the realm of bail bonding and related insurance issues.