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Difference Between Wagering Agreement And Contingent Contract

A wagering agreement is a promise to give money or money’s worth upon the determination or ascertainment of an uncertain event.

A contingent contract, on the other hand, is a contract to do not to do something if something if some event, collateral to such contract does or does not happen.

Basis of Distinction

Wagering agreement

Contingent contract

1. Reciprocal promises

It consists of reciprocal promises.

It may or may not consist of reciprocal promises.

2. Main/collateral future Event.

Future event is essential to the contract

Future event is collateral to the contract

3. Nature

It is always of a contingent nature.

It may not be of a wagering nature

4. Interest of parties

Its parties have no other interest in the subject matter of the agreement except winning or losing of wagering amount.

Its parties may have other interest as well.

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