BCL – L1 – SA – Q56 – Contract Law

An agreement to pay money money’s worth on the occurrence or non-occurrence of a specified uncertain event is a

A   Wagering agreement

B   Contingent contract

C   Quasi contract

D   Uncertain agreement

A

Explanation:
The correct answer is A because an agreement to pay based on the occurrence or non-occurrence of an uncertain event, where both parties have a chance to win or lose, is a wagering agreement. Contingent contracts (B) depend on an event but are not necessarily speculative, quasi contracts (C) arise from implied obligations, and D is not a recognized legal term.