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Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect 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 Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: Read the passage and answer the question that follows.Sir William Anson defines 'wager' as a promise to give money or money's worth upon the determination or ascertainment of an uncertain event. The word 'wager' means 'a bet' something stated to be lost or won on the result of an uncertain issue; hence, wagering agreements are ordinary betting agreements. The Indian Contract Act, 1872 does not define wager or a wagering agreement. It only states that agreements by way of the wager will be void and no action can lie to contracting parties to recover anything or claim performance of the wagering agreements. A wagering agreement has the characteristic of a contingent contract but is not enforceable by Section 30. A wagering agreement depends upon an uncertain event. The parties to the agreement have uncertainty in the minds about the determination of the event in one way or another. A wager may be based on a future event or even relate to a past event and the parties are not aware of the outcome of its happening. In a wagering agreement, two parties must have mutual chances of gain and loss, i.e. one party will win and the other will lose depending on the outcome of the event. Each party should stand to win or lose upon the determination of the contemplated event in reference to which the chance or risk is taken. It is not a wager where one party may win but cannot lose, or it may lose but cannot win, or if it can neither win nor lose. If one of the parties has the event in his own hands, the transaction lacks an essential ingredient of a wager. Neither party should have any interest in happening or non-happening of the event other than the sum he will win or lose. If either party has some other interest other than the sum he will win or lose, it will not be a wager. The parties to the contract should not have any control over the happening of the event one way or the other. The wagering agreement must contain a promise to pay money or money's worth. Insurance contracts are contracts of indemnity. They are entered into, to safeguard the interest of one party to the contract. In this contract, the insured has insurable interest in the property or life. Hence, it is not a wager. Skill competitions are not said to be wagers since the winning of such events requires a substantial amount of skill and is not dependent on the probability of an uncertain event.Q. X invested in a mutual fund company in Kolkata. Does a mutual fund company come under the ambit of wagering contracts?a)This is not a wagering agreement as in mutual funds, there are no mutual benefits.b)This is a wagering agreement as members have chance to lose the recovery of the amount contributed.c)Mutual fund is not a wager as it is enforceable by law.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CLAT tests.