CLAT LLM 2012 Question Paper with answer key for online practice

‘Y’ enters into a bet with ‘Z’, ‘Y’ promises that he will pay Rs. 50.000/- to, ‘Z’ if Australia defeats India in a one day international being played at Delhi. ‘Z’ in turn promises to pay Rs. 50.000/- to ‘Y’ if India defeats Australia. India defeats Australia and ‘Z’ instead of paying the amount to ‘Y’ executes a promissory note in favour of ‘Y’, promising that he will pay money on or before a specified date. No witness attests the promissory note. The promissory note is not registered, ‘Z’ fails to pay within the stipulated time. On the basis of the above mentioned facts, which one of the following is the correct answer as per the Indian law?