Monday, November 30, 2020

Difference between Contingent Contract & Wagering Agreement

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Difference between Contingent Contract & Wagering Agreement

Difference between Contingent Contract & Wagering Agreement

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

 

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