The main points of distinction between the two are as under:
1. A contingent contract is a valid contract but a wagering agreement is absolutely void.
2. In a contingent contract the parties have real interest is the occurrence or non-occurrence of the event e.g., insurable interest in the property insured, but in a wager the parties are not interested in the occurrence of the event except for the winning or losing the best amount.
3. In a contingent contract the future uncertain event is merely collateral whereas in a wagering agreement the uncertain event is the sole determining factor of the agreement.
Other Contingent Contract contrasts:
1. The contract need not contain any mutual promises.
1. The contract is bound by mutual or reciprocal promises..
2. All contingent contracts are not necessarily wager contracts.
2. All wager contracts are contingent contracts.
3. The uncertain event may be within the power of one of the parties.
3. In a wager, the uncertain event is beyond the power of both the parties.
4. In a contingent contract, the parties are interested in the occurrence of the event.
4. The parties are not interested in the occurrence of the event., apart from the money earned or lost.
5. The future event is merely collateral or incidental.
5. The future event is the sole determining factor of the contract.
6. Contingent contract is not void unless it is dependent on the occurrence of an impossible event.
6. Wagers are void.
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1. A contingent contract is a valid contract but a wagering agreement is absolutely void.
2. In a contingent contract the parties have real interest is the occurrence or non-occurrence of the event e.g., insurable interest in the property insured, but in a wager the parties are not interested in the occurrence of the event except for the winning or losing the best amount.
3. In a contingent contract the future uncertain event is merely collateral whereas in a wagering agreement the uncertain event is the sole determining factor of the agreement.
Other Contingent Contract contrasts:
1. The contract need not contain any mutual promises.
1. The contract is bound by mutual or reciprocal promises..
2. All contingent contracts are not necessarily wager contracts.
2. All wager contracts are contingent contracts.
3. The uncertain event may be within the power of one of the parties.
3. In a wager, the uncertain event is beyond the power of both the parties.
4. In a contingent contract, the parties are interested in the occurrence of the event.
4. The parties are not interested in the occurrence of the event., apart from the money earned or lost.
5. The future event is merely collateral or incidental.
5. The future event is the sole determining factor of the contract.
6. Contingent contract is not void unless it is dependent on the occurrence of an impossible event.
6. Wagers are void.
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Distinguish between Contingent Contracts and Wagering Contracts
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