#Wager meaning free#

Section 32 deals with contracts contingent on the happening of an event. Provisions on Contingent Contract in the Indian Contract Act, 1872 If such event does not occur within the specified time or becomes impossible to occur, it ceases to be enforceable.

Third persons may be interested in the contract, for example, as beneficiaries.Д¬ontingent contracts become enforceable and valid when the event conditional to it occurs.

There may or may not be reciprocal promises between the persons.

The parties may have some control over the event, but not absolute control.

There must be an uncertain future event, which must be collateral to the contract.

Bidyut Sircar, the court concluded that a conditional decree for specific performance might be issued after getting the permission of any authority under any legislation.ДЇollowing types of agreements also are considered as contingent contracts:Д®ssential Elements of Contingent Contract However, the вЂњconsentвЂќ of a lawful authority can be the condition collateral to a contract. For example, if a contract stipulates to deliver 20 leather shoes upon receiving raw leather from its primary source, it wouldnвЂ™t be a contingent one.

Also, an indication of the вЂњmodeвЂќ or вЂњmannerвЂќ of performance does not constitute a contingent contract. This means that if there is no uncertain event on which the contract depends, it would be merely an absolute contract and need to be performed unconditionally. Only if the conditions ancillary to the contract are satisfied does the promisor have an obligation. In a contingent contract, the promisorвЂ™s performance is reliant on certain conditions being met.

#Wager meaning free#

вЂњ Where defendantвЂ™s performance depends on the consent or approval of one not a party to the contract who is free to withhold his consent, specific performance of the contract will not be decreed where it does not appear that such consent or approval has been or can be obtained, or where it appears that such consent or approval is withheld or refused or has become impossibleвЂ¦вЂќ Contingent ContractД¬orpus Juris Secundum defines вЂњContingent ContractвЂќ as under: Other such differences are examined in detail in this article. Since a вЂwagerвЂ™ is associated with bet and gambling, it has been declared as вЂvoidвЂ™. While a conditional contract simply transfers the risk of the uncertain event upon the promisor, a wager involves the creation of risk, wherein parties play upon its outcome.

Though the terms, wager and contingent agreement are used interchangeably, there are many sets of differences between them. In such agreements, generally, one party loses at the cost of other winning. Then, there is another category of agreement, called вЂwagerвЂ™, which also involves speculation of happening of an uncertain event, except the fact that itвЂ™s void and unenforceable (though not unlawful), and does not bind parties to any legal obligation. As we will see subsequently, contracts are also entered based on the happening or non-happening of a future uncertain event.