A wagering agreement is a type of contract where two or more parties agree to bet on the outcome of an event that is uncertain in nature. Such contracts are usually not enforceable by law as they are considered to be against public policy. In a wagering agreement, the parties involved agree to pay a certain amount of money or something of value to the winner of the bet. The outcome of the event is usually determined by chance, and the parties have no control over it.

It is worth noting that wagering agreements are not the same as contracts entered into by businesses or individuals for legitimate purposes. Contracts that involve a mutual exchange of something of value with the intention of creating legal obligations are enforceable by law. For example, a contract between two parties to purchase goods or services is a valid agreement.

Wagering agreements are generally considered illegal and unenforceable because they involve gambling, which is illegal in many jurisdictions. However, there are certain exceptions to this rule, such as horse racing, lottery tickets, and other forms of regulated gambling.

Overall, a wagering agreement is a type of contract where parties bet on the outcome of an uncertain event. Such contracts are usually not enforceable by law as they are considered to be against public policy.