what is the basic difference between CONTINENT CONTRACT & WAGERING CONTRACT??????????????
2 Replies
MOHIT MAHAJAN
(LCS, ACA)
(2050 Points)
Replied 01 December 2009
1. A wagering contract is void ab initio i.e. not enforceable in law right from the beginning whereas a contingent contract is a valid contract. Wagering contract is almost in the nature of a simple agreement. Hence more appropriate word is wagering agreement.
2. Every wagering contract is contingent in nature whereas every contingent contract is not wagering in nature.
3. Except for money, parties dont have any interest in subject matter in wagering contract whereas in contingent contract, parties have interest in subject matter. If there is no interest in subject matter, even contingent contracts will become wagering contracts.
Example- Betting is an example of wagering contract whereas insurance is an example of contingent contract.
Ratti Wahal
(Company Secretary)
(139 Points)
Replied 02 December 2009
Dear Mohit,
Thanks fo enlightening us.
Regards,
Ratti Wahal
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