In the case of Narayana Ayyangar v. Vallachami Ambalam, the Chit Fund cannot be a betting agreement, in this case was detained. As in the Chit-Fonds, there is a chance of rain, but there is no chance of losing, since the actual amount of the subscription is refunded. There is therefore no loss and the mutual chance of losing or winning is absent. Therefore, chit Fund is not a betting agreement. Section 30 of the Indian Contract Act,1872 Act directly states that the betting agreements are void and that the parties to the agreement cannot appeal for the recovery of an arbitration award in respect of the agreement. But the thing is, pari agreement is not illegal, but they are not valid, which means they can be done but are not enforceable in court. 2. And even the insurance contract is a valid contract and the parties have insurable interest, while the betting contract is void and has no insurable interest. The betting contract must contain the promise to pay money or money. A cricket match is to start in Hyderabad, between India and South Africa. If India wins the match, A agrees to pay 500 B Rs, while if South Africa wins the match, B agrees to pay 500 ru.
A. It`s a betting deal. In that case. Each game has a chance to win or lose. Here, the gain of one part will be the loss of the other and vice versa. In Carlill v Carbolic Smoke Ball Co., betting agreements are defined as And even in the case of stock markets, the bet on the company`s share is not based on mere chance, but on an in-depth analysis of shares owned by different companies, and the study suggests which limited companies will increase the shares. and this analysis is a skill. And section 30 is silent about that. And this shows that Section 30 has a limited scope, perhaps because of the period when the law was formulated, but now betting has become a broad concept and therefore the contract law must improve the scope of its betting agreement. In Baba sahib V.
Raja ram, it was decided in this case that an agreement cannot be considered a betting agreement if the desire to win or lose is lacking.