DIFFERENCE BETWEEN A CONTINGENT CONTRACT AND A WAGERING CONTRACT

Difference between a contingent contract and a wagering contract

Basis of difference	Contingent contract	Wagering contract
Meaning	A contingent contract is a contract to do or not to do something with reference to a collateral event happening or not happening.	A wagering agreement is a promise to give money or money’s worth with reference to an uncertain event happening  or not happening.
Reciprocal promises	Contingent contract may not contain reciprocal promises.	A wagering agreement consists of reciprocal promises.
Uncertain event	In a contingent contract, the event is collateral.	In a wagering contract, the uncertain event is the  core factor.
Nature of contract	Contingent contract may not be wagering in nature.	A      wagering        agreement         is essentially contingent in nature.
Interest of contracting parties	Contracting parties  have interest in the subject matter in contingent contract.	The contracting parties have no interest in the subject matter.
Doctrine of mutuality of lose and gain	Contingent contract is not based on doctrine of mutuality of lose and gain.	A wagering contract is a game, losing  and  gaining  alone matters.
Effect of contract	Contingent contract is valid.	A wagering agreement is void.