what is the meaning of 'wagering agreements consists of reciprocal promises whereas contingent contract do not consist reciprocal promises?explain deeply.
Answers
A wager contract is a contract in which one person promise to pay money or money's worth by the happening of uncertain future event in consideration for other person's promise to pay if the event does not happen
Explanation:
IS THIS HELPFUL OR NOT
Answer:
In wagering, parties may not have any interest in the event except the amount they may win or lose. In Contingent Contract, the promisor may have some interest in the event.
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 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.
Explanation:
THANK UU