Question

Difference between wagering and contingent contract !​

Answer 1

Answer:

A wagering agreement is absolutely void (S. 30) while on the other hand contingent contract is a valid contract. In a contingent contract, the future uncertain event is merely collateral whereas in a wagering agreement the uncertain event is a sole determining factor of the agreement.

Explanation:

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Answer 2

CONTINGENT CONTRACT –

• Contingent Contract is a valid contract in nature.
• Under Contingent Contract, future uncertain events are collateral to the main purpose of the contract.
• In Contingent Contract, there may or may not be reciprocal promises.
• Parties have real interest in the happening or non-happening of an event.
• Contingent agreements are not a game of chance.
• The future event is only collateral.

WAGERING AGREEMENT –

• Wagering agreements are void in nature.
• Under Wagering agreement, future uncertain event is the key element of the agreement.
• Reciprocal Promises are definite.
• Parties are not interested in the happening of an event except for the winning or loosing of the bet amount.
• Wagering agreements are a game of chance.
• Future event is the sole determining factor