CONTRACT ACT

1.  A wagering contract is void ab initio i.e. not enforceable in law right from the beginning whereas a contingent contract is a valid contract.  Wagering contract is almost  in the nature of a simple agreement.  Hence more appropriate word is wagering agreement.

2. Every wagering contract is contingent in  nature whereas every contingent contract is not wagering in nature.

3.  Except for money, parties dont have any interest in subject matter in wagering contract whereas in contingent contract, parties have interest in subject matter.  If there is no interest in subject matter, even contingent contracts will become wagering contracts.

Example- Betting is an example of wagering contract whereas insurance is an example of contingent contract.

Dear Mohit,

Thanks fo enlightening us.

Regards,

Ratti Wahal