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The following are the differences between the Wagering agreement Contingent contract
Basis
of distinction |
Wagering
agreement |
Contingent
contract |
1. Meaning
|
Wagering
is an agreement between two parties by which one party promises to pay money or money’s worth on the happening or non-happening of a future uncertain events (Sec. 30). |
Contingent
contract is contract dependent on the happening or non-happening of a future uncertain event. (Sec. 31). |
2. Reciprocal promises
|
Wagering
consists of reciprocal promises. |
Contingent
contracts may not contain reciprocal promises. |
3. Validity
|
It is a
void agreement. |
It is a
valid contract. |
4. Interest
|
Both the
parties are interested in the stake money. |
This is
not so in case of contingent contract. |
5. Nature of future event
|
The
future event is the sole factor on which wagering agreements depends. |
The
future event is collateral. |
6. Interdependency
|
In
wagering agreement there is sense of contingency. |
But in
contingency contract there is no sense of wagering. |
7. Performance
|
The
parties do not perform individually. |
The
parties perform individually their part of performance. |
8. Example
|
‘A’ says
to ‘B’ if it rains, I shall pay you Rs. 500 or else you will pay. |
Insurance
contracts except life insurance are contingent contract. |
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