Parv Baxi & Prakash Iyer, SVKM’s NMIMS Kirit P. Mehta School of Law
The 1872 Indian Contract Act sets out the Indian Contract Law as the most important act for Indian Contract Law. The Act is based on the Common Law rules. It applies to all Indian states. It decides the conditions in which the contracting parties make legally binding commitments. Section 2(h) describes the contract as an arrangement that can be implemented by statute in the Indian Contract Act. Wagering Agreements or Wagers are agreements between parties in which money is owed by the first party to the second party on the occurrence of a potential unknown event, and the second party to the first party if the event does not occur. Section 30 of the Act 1872 of the Indian Contract stipulates that the wagering contracts are void. The Wagering Arrangements are such agreements dependent on the fact that a single occurrence occurs or does not occur, and the side has no intrinsic interest on its own. It could also have been a previous occurrence, but the parties entered into a deal should not be aware of this event. the event is not actually a potential event. Section 30 further provides for some cases where certain agreements are not considered null and void. They are primarily contracts for skills such as horse races. The same is true in online sports betting and the differences are claimed to apply.
Keywords: Contract, Agreement, Wager, Void, Skill.