Question

Which among the following is/are the features of wageing agreement?

• A. Lack of control over event
• B. Uncertainty of event
• C. Promise to give money or money worth
• D. All the three

Answer 1

The correct option is D All the three

Wagering agreements are those agreements entered into between parties under the condition that money is payable by the first party to the second party on the happening of a future uncertain event, and the second party to the first party when the event does not happen. As per section 30 of the Indian Contract Act, 1872, all wagering agreement are void in nature.

Following are the essential features of a wagering agreement :-

• Wagering agreement must depend upon an uncertain event which may be past, present or future, but the parties must be unaware of its future or the time of its results or the time of its happening.
  
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• Each party to the agreement should stand to win or lose as per the result of the uncertain event.
  
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• 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.