71.
The answer is: D
Explanation
The correct option is D: A contingent interest becomes a vested interest upon the occurrence of certain contingent events.
Explanation:
According to the law governing transfer of property in India, a vested interest is an interest that is created in favour of a person without specifying the time when it is to take effect, or in terms specifying that it is to take effect forthwith or on the happening of an event which must happen. A contingent interest is an interest that is created in favour of a person on the condition of the happening of an uncertain event which may or may not happen.
The relationship between vested interests and contingent interests is that a contingent interest becomes a vested interest upon the occurrence of certain contingent events. This means that when the condition attached to the transfer of property is fulfilled, the transferee acquires a vested interest in the property and can expect to enjoy it in due course.
For example, A transfers his property to B when B marries C. B has a contingent interest in A's property until he marries C. Once he marries C, he acquires a vested interest in A's property.
The other options are incorrect because they do not reflect the correct relationship between vested interests and contingent interests. Option A is incorrect because contingent interest is not a subset of vested interest, but a different kind of interest that depends on an uncertain event. Option B is incorrect because vested interest is not a subset of contingent interest, but an interest that is certain and does not depend on any condition. Option C is incorrect because a vested interest does not become a contingent interest upon the occurrence of certain contingent events, but remains a vested interest. Option E is incorrect because a vested interest is not the same as a contingent interest, but has different characteristics and effects.