8/19/2019 CONTRACT ACT- Contigent Contract and Wagering Agreement

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DIFFERENCE BETWEEN CONTIGENT

CONTRACT & WAGERING AGREEMENT

8/19/2019 CONTRACT ACT- Contigent Contract and Wagering Agreement

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CONTINGENT CONTRACT

• Contingent Contract is a valid contract in nature.• nder Contingent Contract! "uture uncertain

events are collateral to t#e $ain %ur%ose o" t#econtract.

• In Contingent Contract! t#ere $a or $a not 'ereci%rocal %ro$ises.

• (arties #ave real interest in t#e #a%%ening or non)#a%%ening o" an event.

• Contingent agree$ents are not a ga$e o" c#ance.• T#e "uture event is onl collateral.

8/19/2019 CONTRACT ACT- Contigent Contract and Wagering Agreement

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WAGERING AGREEMENT

• Wagering agree$ents are void in nature.• nder Wagering agree$ent! "uture uncertain

event is t#e +e ele$ent o" t#e agree$ent.•

Reci%rocal (ro$ises are de,nite.• (arties are not interested in t#e #a%%ening o"

an event e-ce%t "or t#e inning or loosing o"t#e 'et a$ount.

• Wagering agree$ents are a ga$e o" c#ance.• Future event is t#e sole deter$ining "actor.