It is not a wager where one party may win but cannot lose, or if may lose but cannot win, or if he can neither win nor lose, ‘if one of the parties has the event in his own hands, the transaction lacks an essential ingredient of wager.’ ‘It is of the essence of the wager that each side should stand to win or lose according to the uncertain or unascertained event in reference to which the chance or risk is taken.’ There must be two parties, or two sides, and mutual chances of gain and loss, i.e., one party is to win and the other to lose upon the determination of the event. This seems to reduce the following essentials:
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Hence Sir William Anson’s definition, “a promise to give money or money’s worth upon the determination and ascertainment of an uncertain event”, is nearer and more accurate. The above definition excludes event which have occurred. If either of the parties may win but cannot lose, or may lose but cannot win, it is not a wagering contract.” “ A wagering contract is one by which two persons, professing to hold opposite views touching the issue of a future uncertain event, mutually agree that, dependant on the determination of that event, one shall win from the other, and that other shall pay or hand over to him, a sum of money or other stake neither of the parties having any other interest in that contract than the sum or stake he will so win or lose, there being no other consideration for making of such contract by either of the parties. A classic definition is however available in the case of Carlill v Carbolic Smoke Ball Co. The expression “wager” has not been defined in the Indian Contract Act.
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#WAGER MEANING CODE#
Racing, to which the provisions of S.294A of The Indian Penal Code (45 of 1860) apply.” “Nothing in this section shall be deemed to legalize any transaction connected with horse Section 294A of The Indian Penal Code not affected – Sum of money, of the value or amount of five hundred rupees or upwards, to be awarded to the winner or winners of any horse race.” “This section shall not be deemed to render unlawful a subscription or any contribution, orĪgreement to subscribe or contribute, made or entered into for or toward any plate, prize or “Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain event on which any wager is made.”Įxception in favour of certain prizes for horse racing – The section does not define ‘wager.’ Section 30 states that, Section 30 of the Indian Contract Act talks about wagering agreements, which reads as “agreements by way of wager are void”. Literally the word ‘wager’ means ‘a bet’ something stated to be lost or won on the result of a doubtful issue, and, therefore, wagering agreements are nothing but ordinary betting agreements. Derivatives are commonly confused with wagering agreements hence. The article describes wagering agreement and its variation from other agreements.It clearly encapsulate the agreements collateral to wagering agreements.