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Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? for CLAT 2025 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CLAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer?.

Solutions for Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Wagering Contract is one in which there are two necessary parties between which the contract has been made and wherein, the first party promises to pay a certain sum of money to the second party on the happening of a particular event in the future and the second party agrees to pay to the first party on not happening of that particular event. The fundamental of a wagering agreement is the presence of two parties who are of sound mind to get profit or loss.Section 30 of the Indian Contract Act specifically talks about agreements by way of wager, as void. The section reads as follows: “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.”The essentials of a wagering contract include equal chance for both the parties to either win or lose depending upon the outcome of the future event. These events are futuristic which may or may not take place and it should be beyond the control of either party because if either of the parties has control over it then it would not amount to wager. Both the parties should have a single interest as to the profit or loss in the result of the event and there should not be any outside or personal interest attached with the uncertain event as that will not amount to wager. The wager agreement is fully dependent upon the happening of the futuristic event whether it is contrasted with the past, present or future as to the result of that event. The wager contract should contain an important clause which should state that the parties promise to pay the money or money’s worth to the other party on the happening of the event and this should be agreed upon by both the parties.As per the Indian Contract Act Section 30 states that there are also certain exceptions in the wagering agreements and thus the section reads as follows: “This section shall not be deemed to render unlawful a subscription or contribution, made or entered into for or towards any plate, prize or sum of money, of the value or amount of five hundred rupees or more, to be awarded to the winner of any horse race. Nothing in this section shall be deemed to legalize any transaction connected with horse- racing, to which the provisions of section 294A of the Indian Penal Code shall apply.Q. The transactions that take place under the share market can amount to wager.” True or False?a)False, since it is a legitimate business involving buying and selling of shares between people and will not be regarded as a wager.b)False, as there is no equal chance of loss and profit or any promise of payment between two people in case the share market drops.c)True, as the share market is unpredictable thus accounting for a future contingency.d)Both (A) and (B)Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CLAT tests.