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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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?
  • a)
    No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.
  • b)
    Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.
  • c)
    Yes, as this can be covered under the exception of Section 30 as laid down above.
  • d)
    Both (B) and (C)
Correct answer is option 'A'. Can you explain this answer?
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Wagering Contract is one in which there are two necessary parties bet...
The game of tambola is based on striking the numbers on a ticket. It is based on probability and not on skill. So it is said to be dependent on a future contingence and not under the control of any individual, hence a wagering contract.
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Directions: Read the passage carefully and answer the questions that follow.The United States’ Federal Trade Commission (FTC) will soon implement a “click-to-cancel” rule, which will make it significantly easier for consumers to cancel their subscriptions and memberships, and make companies liable to face civil penalties for complicating the cancellation process.“Too often, businesses make people jump through endless hoops just to cancel a subscription. The FTC’s rule will end these tricks and traps… Nobody should be stuck paying for a service they no longer want,” FTC Commission Chair Lina M Khan said. The FTC voted 3-2 to approve the new rule on Wednesday (October 16).Here is all you need to know about the new rule, and if India too boasts a similar regulation.What does the new rule say?According to the FTC press release, sellers will be required to “make it as easy for consumers to cancel their enrollment as it was to sign up”. Notably, cancellations will have to be offered through the same medium (online, phone, etc.) people used to sign up, and it shouldn’t be overly burdensome.Some crucial guidelines are as follows: Companies cannot require people to talk to a live or virtual representative to cancel if they did not have to do that to sign up; Companies cannot charge extra for phone cancellation, and must answer the phone or take a message during normal business hours. If they take a message, companies have to respond promptly; For memberships/subscriptions that were originally offered in person, companies cannot mandate an in-person subscription, and have to offer options for cancellation online or on the phone;To whom will the rule be applicable to? How?It will apply to “almost all negative option programs in any media” including “prenotification and continuity plans, automatic renewals, and free trial offers, whether the offer appears online, on the phone, or in person.”The FTC defines “negative option” programmes as “companies assuming a customer accepted a service unless they specifically rejected it”. This would include something like a consumer agreeing to a one-week trial, and not cancelling it before being billed for regular membership.The final rule will provide a legal framework preventing sellers from: Misrepresenting any material fact made while marketing goods or services with a negative option feature; Failing to clearly and conspicuously disclose material terms prior to obtaining a consumer’s billing information in connection with a negative option feature; Failing to obtain a consumer’s express informed consent to the negative option feature before charging the consumer; and Failing to provide a simple mechanism to cancel the negative option feature and immediately halt charges.Why was this rule brought in?The rule is part of the FTC’s ongoing review of its 1973 Negative Option Rule, which the agency is modernising to “to combat unfair or deceptive practices related to subscriptions, memberships, and other recurring-payment programs in an increasingly digital economy where it’s easier than ever for businesses to sign up consumers for their products and services”.According to the Commission, while negative option marketing programmes are convenient for sellers, the FTC receives thousands of complaints about negative option and recurring subscription practices each year, with the number of complaints steadily rising over the past five years. In 2024, the number of daily complaints rose to nearly 70, up from 42 in 2021.According to Forbes, the heightened concern around hard-to-cancel subscriptions and memberships has materialised alongside a growing subscription economy, and a spike in subscription prices.A study conducted in 2022 by Michigan-based C R Research found that 42% of consumers had forgotten they were paying for services they did not use, and that customers generally underestimated the monthly cost of their subscriptions by an average of $133.In the past, the FTC has gone after companies like Adobe, Amazon, Brigit, and Planet Fitness for allegedly making consumers’ subscriptions hard to cancel.[Excerpt from Indian Express "FTC Implements Click-to-Cancel Rule for Subscriptions" Dated 19/10/24]What is the average amount people underestimate how much they are paying for unused services?

Directions: Read the passage carefully and answer the questions that follow.The United States’ Federal Trade Commission (FTC) will soon implement a “click-to-cancel” rule, which will make it significantly easier for consumers to cancel their subscriptions and memberships, and make companies liable to face civil penalties for complicating the cancellation process.“Too often, businesses make people jump through endless hoops just to cancel a subscription. The FTC’s rule will end these tricks and traps… Nobody should be stuck paying for a service they no longer want,” FTC Commission Chair Lina M Khan said. The FTC voted 3-2 to approve the new rule on Wednesday (October 16).Here is all you need to know about the new rule, and if India too boasts a similar regulation.What does the new rule say?According to the FTC press release, sellers will be required to “make it as easy for consumers to cancel their enrollment as it was to sign up”. Notably, cancellations will have to be offered through the same medium (online, phone, etc.) people used to sign up, and it shouldn’t be overly burdensome.Some crucial guidelines are as follows: Companies cannot require people to talk to a live or virtual representative to cancel if they did not have to do that to sign up; Companies cannot charge extra for phone cancellation, and must answer the phone or take a message during normal business hours. If they take a message, companies have to respond promptly; For memberships/subscriptions that were originally offered in person, companies cannot mandate an in-person subscription, and have to offer options for cancellation online or on the phone;To whom will the rule be applicable to? How?It will apply to “almost all negative option programs in any media” including “prenotification and continuity plans, automatic renewals, and free trial offers, whether the offer appears online, on the phone, or in person.”The FTC defines “negative option” programmes as “companies assuming a customer accepted a service unless they specifically rejected it”. This would include something like a consumer agreeing to a one-week trial, and not cancelling it before being billed for regular membership.The final rule will provide a legal framework preventing sellers from: Misrepresenting any material fact made while marketing goods or services with a negative option feature; Failing to clearly and conspicuously disclose material terms prior to obtaining a consumer’s billing information in connection with a negative option feature; Failing to obtain a consumer’s express informed consent to the negative option feature before charging the consumer; and Failing to provide a simple mechanism to cancel the negative option feature and immediately halt charges.Why was this rule brought in?The rule is part of the FTC’s ongoing review of its 1973 Negative Option Rule, which the agency is modernising to “to combat unfair or deceptive practices related to subscriptions, memberships, and other recurring-payment programs in an increasingly digital economy where it’s easier than ever for businesses to sign up consumers for their products and services”.According to the Commission, while negative option marketing programmes are convenient for sellers, the FTC receives thousands of complaints about negative option and recurring subscription practices each year, with the number of complaints steadily rising over the past five years. In 2024, the number of daily complaints rose to nearly 70, up from 42 in 2021.According to Forbes, the heightened concern around hard-to-cancel subscriptions and memberships has materialised alongside a growing subscription economy, and a spike in subscription prices.A study conducted in 2022 by Michigan-based C R Research found that 42% of consumers had forgotten they were paying for services they did not use, and that customers generally underestimated the monthly cost of their subscriptions by an average of $133.In the past, the FTC has gone after companies like Adobe, Amazon, Brigit, and Planet Fitness for allegedly making consumers’ subscriptions hard to cancel.[Excerpt from Indian Express "FTC Implements Click-to-Cancel Rule for Subscriptions" Dated 19/10/24]When was the "click-to-cancel" rule approved?

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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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. Can you explain this answer?
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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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. 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. A society on the eve of Diwali hosts a game of Tambola for their residents wherein each resident had to buy the ticket for the game for Rs.200. There was a list of prizes laid down. The one whose numbers in the ticket were striked off first was to win a prize money of Rs.3000. A was one such participant and as per the rules of the game, she had won the game however she was refused the prize money. Can she take legal recourse to get the prize money claimed by her?a)No, the result of the game is based on a future contingency as nobody has control over it and it meets the essentials of a wager contract.b)Yes, as there was a promise involved to pay the amount which was denied to her even after fulfilling the criteria.c)Yes, as this can be covered under the exception of Section 30 as laid down above.d)Both (B) and (C)Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CLAT tests.
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