Question

Define wagering contract and contingent contract with the help of illustration

Answer 1

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Meaning. It is a contract to do or not to do something with reference to a collateral event happening or not happening. It is a promise to give money or money's worth with reference to an uncertain event happening or not happening.

Answer 2

Meaning. It is a contract to do or not to do something with reference to a collateral event happening or not happening. It is a promise to give money or money's worth with reference to an uncertain event happening or not happening.