It is wagering agreement as the parties don't have interest on the subject matter ( i .e rainfall) but on the stake (i .e money).here one may win and other may lose.

Contingent Contract as a type of contract:

A contingent contract is a contract that depends on the occurrence or non-occurrence of a specific event in the future. In such contracts, the performance of the contract is contingent upon the happening of a future event. The event may or may not occur, and the contract is binding only if the event occurs or does not occur as specified. In other words, the rights and obligations of the parties are conditional upon the occurrence or non-occurrence of the specified event.

Explanation of the given scenario:

In the given scenario, A agrees to pay Rs. 1,000 to B if it rains, and B promises to pay a like amount if it does not rain. This agreement is an example of a contingent contract. Here's how it fits into the definition:

1. Contingent event: The occurrence or non-occurrence of rain is the contingent event in this contract. It is an uncertain future event that will determine the performance of the contract.

2. Performance depends on the event: The performance of the contract is contingent upon the happening of rain or the absence of rain. If it rains, A is obligated to pay Rs. 1,000 to B, and if it does not rain, B is obligated to pay the same amount to A.

3. Binding nature: The contract is binding only if the specified event occurs or does not occur. If it rains, A cannot back out from paying Rs. 1,000 to B, and if it does not rain, B cannot refuse to pay the promised amount.

Importance of identifying the contract type:

Identifying the type of contract is important because it determines the legal enforceability of the agreement and the rights and obligations of the parties involved. In the case of a contingent contract, the parties are bound by their promises only if the specified event occurs or does not occur. If the event does not happen, the contract becomes void and the parties are relieved of their obligations.

Conclusion:

In conclusion, the agreement between A and B, where A agrees to pay Rs. 1,000 if it rains and B promises to pay the same amount if it does not rain, is an example of a contingent contract. The performance of the contract is contingent upon the occurrence or non-occurrence of rain, and the rights and obligations of the parties are conditional upon this specified event.