The betting agreement depends entirely on the futuristic event, whether it is a counterpart to the past, present or future in terms of the outcome of that event. It is not a bet where a party can win, but cannot lose, or it can lose, but cannot win, or if it cannot win or lose, «if one of the parties has the event in its own hands, the transaction is not an integral part of a bet. Illustration Jay insures his car against damage by purchasing car insurance and paying an insurance premium. Here we can say that Jay is interested in the car and that in the event of an uncertain event, i.e. an accident, he will not win anything. So it`s not a gamble. What made you look for the betting deal? Please tell us where you read or heard it (including the quote, if possible). In the case of Moore v. Elphick,[9] it was said: «If skill plays an essential role in the result and prizes are awarded based on the benefits of the solution, the contest is not a lottery.

Otherwise, that`s the way it is. Thus, literary competitions involve the application of skills and in which you strive to choose the best competitors and the most skilled are not bets. A crossword was given in a newspaper and it was said in the newspaper that their resolution of the crossword puzzles would match the solution with the editor, he would receive the first prize. It is a game of chance and therefore a lottery. It`s a gamble. That is how I have looked at all the case law, the opinions of the lawyers and the problems that the court faces during the review of the betting agreements, which is based on my analysis above, and I have concluded that it is necessary to amend Section 30 of the Indian Contracts Act to make it clearer, to broaden its scope and other changes to reflect the changes that society must consider. Illustration Shivani and Munish reach an agreement that if Shivani resigns from her job, Munish will pay 20,000 to Shivani and Shivani will pay Rs. 20,000 to Munish if she does not resign from her job. Here, Shivani has control of his resignation and therefore will not be a gamble. Agreements as a bet are not considered; and no legal action is brought for debt collection or entrusted to a person to stick to the results of a game or other uncertain event on which a bet is made. 3. In a betting agreement, neither party has an interest in an event occurring or not happening.

But in an insurance contract, both parties are interested in the object. Transactions for the purchase and sale of shares and shares, with the intention of taking and delivering shares, is not a bet. However, if one only wants to settle the price difference, the transaction is a bet and therefore not damaged. «A betting contract is a contract in which two persons who agree to express opposing views, which touch on the question of an uncertain future event, agree with each other that one wins from the other, according to the definition of that event, and that the other pays or spends a sum of money or other stakes; None of the parties who have an interest other than the amount or bet that he will win or lose in this way, there is no other consideration for the performance of the contract by either party.