Step 1: Read the statement carefully.
The statement says: the application of management principles depends on the prevailing situation at a particular point of time. We need to match this to one of the features of management principles.
Step 2: Understand what the statement implies.
The statement is saying that you cannot apply a management principle the same way in every situation. The circumstances at that specific time determine how and whether you apply the principle. This means the application is not absolute or fixed.
Step 3: Evaluate option (A): General guidelines.
General guidelines means the principles are broad suggestions, not rigid rules. While this is true, it describes the nature of the principle itself, not the dependence of its application on the situation.
Step 4: Evaluate option (B): Flexible.
Flexible means the principle can be modified or adjusted by the manager. This is close, but flexibility describes whether the principle itself can change, not whether its application depends on the situation.
Step 5: Evaluate option (C): Mainly behavioural.
This feature means management principles are focused on guiding human behaviour. It has no connection to situational dependence of application.
Step 6: Evaluate option (D): Contingent.
The word contingent literally means dependent on circumstances. This feature specifically states that the application of management principles is not absolute or universal; it depends entirely on the situation, time, place, and people involved. This perfectly matches the given statement.
\[ \boxed{ \text{(D) Contingent} } \]