1. Betting is an agreement in which one person agrees to pay money to the other person if an uncertain event occurs or does not occur There are differences between the betting agreement and the conditional agreement: 5. In a conditional contract, there is an independent interest. Example. Had his house insured. This is a conditional contract because A has an independent interest in this case. 4. Example. A promises B to pay Rs. 1,000 if a ship does not return. Here, A makes a promise of payment, but B does not make a similar promise to pay A.
therefore, there is no reciprocity of promises in a conditional contract. 2. A conditional contract therefore includes a bet. In other words, a betting agreement is a conditional agreement (contract). 5. In a conditional contract, future events are only guarantees. 3. Mutual commitments shall not be required in a conditional contract. 1. A conditional contract has been defined as a contract to do or not to do something when a sure event of such a contract occurs or does not occur. A conditional contract has a broader scope.
6. In a conditional contract, the determination of an uncertain event is not the only condition. 4. In the case of a bet, the parties are not interested in the subject matter of the contract, with the exception of the profit or loss of the amount. 6. Example. A promises to pay Rs. 100 to B if it rains on Monday. It is a betting agreement because A has no independent interest. 4. Example.
In the betting agreement A agrees to pay B 20 rupees if it rains on Monday and if it does not rain, B pays 20 rupees to A. In the example above, there is a reciprocity of the agreement, but this reciprocity of promises is not necessary in the case of a conditional contract. 2. A conditional contract does not have to be a bet. So we can say that all betting agreements are conditional, but not all conditional contracts are bets. Although the bet is a conditional agreement, there are still some differences between the two: 1. The conditional contract is a contract in which the promiser undertakes to perform the contract in the event of the occurrence or non-occurrence of an uncertain collateral event 4. The parties have a real interest in the occurrence or non-occurrence of an uncertain future event 5. In a bet, the future event is the only determining factor. .