Wagering Contract | Difference between Wagering and Contingent contract | Business Law
Wagering Contract Meaning
Wagering Contract is absolutely a void contract. In case of Wagering Contract the parties are not interested in the occurrence of the event except for the winning or losing the best amount. The uncertain event is the sole determining factor of the agreement. In case of Wager Contract, the uncertain event is beyond the power of both the parties .
Difference between Wagering and Contingent contract
Wagering Contract | Contingent Contract |
| Wagering Contract is absolutely a void contract. | Contingent Contract is a valid contract. |
| In case of Wagering Contract the parties are not interested in the occurrence of the event except for the winning or losing the best amount. | In case of contingent contract the parties have real interest in the occurrence or non-occurrence of the event. |
| The uncertain event is the sole determining factor of the agreement. | The future uncertain event in a contingent contract is merely collateral. |
| All Wager Contracts are Contingent Contracts. | All Contingent Contracts are not necessarily Wager Contracts. |
| In case of Wager Contract, the uncertain event is beyond the power of both the parties . | In case of Contingent Contract, the uncertain event may be within the power of one of the parties . |