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Raman entered into an agreement with Sohan to pay him a sum of Rs. 3,000 if India won the World Cup, while Sohan to pay Rs. 3,000 to Raman if India did not win the World Cup. It is a
  • a)
    contingent contract
  • b)
    wagering agreement
  • c)
    valid agreement
  • d)
    voidable contract
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Raman entered into an agreement with Sohan to pay him a sum of Rs. 3,0...
When two parties enter into an agreement upon the condition that the first party will pay a fixed sum of money to the second party on the happening of an uncertain future event and the second party will pay the first party when the event does not happen, it is called a wagering agreement. The following are the essentials of a wagering agreement:
  • It must be dependent on an uncertain event.
  • There must be a mutual chance of gain or loss.
  • Neither of the parties must have control over the event.
It must have no other interest other than the stake.
Thus, from the above explanation, it is clear that in the given situation, the agreement between Raman and Sohan is a wagering agreement.
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Raman entered into an agreement with Sohan to pay him a sum of Rs. 3,000 if India won the World Cup, while Sohan to pay Rs. 3,000 to Raman if India did not win the World Cup. It is aa)contingent contractb)wagering agreementc)valid agreementd)voidable contractCorrect answer is option 'B'. Can you explain this answer?
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Raman entered into an agreement with Sohan to pay him a sum of Rs. 3,000 if India won the World Cup, while Sohan to pay Rs. 3,000 to Raman if India did not win the World Cup. It is aa)contingent contractb)wagering agreementc)valid agreementd)voidable contractCorrect answer is option 'B'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Raman entered into an agreement with Sohan to pay him a sum of Rs. 3,000 if India won the World Cup, while Sohan to pay Rs. 3,000 to Raman if India did not win the World Cup. It is aa)contingent contractb)wagering agreementc)valid agreementd)voidable contractCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raman entered into an agreement with Sohan to pay him a sum of Rs. 3,000 if India won the World Cup, while Sohan to pay Rs. 3,000 to Raman if India did not win the World Cup. It is aa)contingent contractb)wagering agreementc)valid agreementd)voidable contractCorrect answer is option 'B'. Can you explain this answer?.
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