Difference Between A Contingent Contract And Wagering Agreement-Law Of Contract
Difference Between A Contingent Contract And
Wagering Agreement
The
main points of distinction between the two are as under:
- A contingent contract is a valid contract but wagering
agreement is absolutely void.
- Parties have real interest in the occurrence but
non-occurrence of the event e.g., insurable interest in the property insured.
Parties are not interested in the occurrence of the event except for the
winning or losing the bet amount.
- Future uncertain event is merely collateral: uncertain
event is the sole determining factor of the agreement.
Tags : Business Environment and Law-Law Of Contract (Indian Contract Act 1872)
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