An agreement to pay money or moneys worth on the happening or non-happening of a specified uncertain event, is aa)wagering agreementb)contingent contractc)quasi contractd)uncertain agreement.Correct answer is option 'A'. Can you explain this answer?

Question

Answer

Answer is A) wagering agreements . Sec (30) of Indian Contract Act , defines wagering agreements , it most
often resembles gambling , and gambling being an uncertain future event , the above definition is best suited for wagering agreement

Answer

As the agreement is uncertain and there is no interest on the event but only on money it is wagering agreement.

Answer

Wagering Agreement

A wagering agreement is a type of contract where two parties make a bet or gamble on the outcome of an uncertain event. It involves an agreement to pay money or moneys worth on the happening or non-happening of a specified event. In this case, the correct answer is option 'A', which is a wagering agreement.

Explanation:

A wagering agreement is a specific type of contract that is considered void or unenforceable in many jurisdictions. Let's dive deeper into the explanation of this answer:

1. Definition of a Wagering Agreement:
- A wagering agreement is an agreement between two parties where they agree to pay money or moneys worth based on the outcome of an uncertain event.
- The event can be a game, sport, race, or any other activity where the outcome is uncertain.
- The agreement involves both parties taking opposite sides and making a bet on the outcome.

2. Element of Uncertainty:
- The key characteristic of a wagering agreement is the presence of uncertainty.
- The event's outcome must be uncertain at the time of making the agreement.
- If the outcome is already known or certain, it would not be considered a wagering agreement.

3. Consideration:
- In a wagering agreement, each party agrees to pay a certain amount or moneys worth to the other party based on the outcome.
- The consideration for each party is the promise to pay or receive the specified amount.

4. Void or Unenforceable:
- In most jurisdictions, wagering agreements are considered void or unenforceable.
- The reason behind this is that wagering agreements are considered against public policy as they promote gambling and speculative activities.
- Courts generally do not enforce such agreements and do not provide legal remedies to the parties involved.

Summary:

In conclusion, a wagering agreement is an agreement where two parties agree to pay money or moneys worth based on the outcome of an uncertain event. It is considered void or unenforceable in many jurisdictions due to its association with gambling and speculative activities. Therefore, the correct answer to the question is option 'A', a wagering agreement.

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