BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Agreements by way of wager, void.-Agreements by way of wager are void; and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain event on which any wager is made.

Detailed explanation-2: -An agreement wherein two parties in which one of the parties agrees to pay money if some unknown event occurs, with the understanding that if the event does not happen, the other party must pay the same amount back, is called an agreement of Wager.

Detailed explanation-3: -A wagering agreement is an agreement where two parties decide to bet a certain sum of money and the winning and losing depends on a future uncertain event. There are some exceptions to wagering agreements, for example – insurance contracts, games involving skills, share market, and horse racing competitions.

Detailed explanation-4: -A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable.