Facts of Gherulal Parakh v. Mahadeodas Maiya (1959)
This case deals with the legality of wagering agreements under Indian contract law. Gherulal Parakh and Mahadeodas Maiya entered into a business arrangement involving speculation in forward contracts related to commodities. The transactions were of a speculative nature, meaning they involved betting on future price fluctuations rather than actual delivery of goods. Later, disputes arose, …