Difference between Contingent Contract & Wagering Agreement
Difference between Contingent Contract & Wagering Agreement
- CONTINGENT CONTRACT –
- 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 AGREEMENT –
- 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.