Explanation:

- Wagering agreements refer to agreements where money or money's worth is paid, based on the happening or non-happening of a future uncertain event.

- As per Indian Contract Act, wagering agreements are void; that means they are not enforceable by law.

- Option 1 (Valid): This is incorrect. Such agreements are not valid or legally binding.

- Option 2 (Void): This is the correct answer. Wagering agreements have no legal effect.

- Option 3 (Voidable): This is incorrect. Voidable agreements are valid until cancelled by one party, but wagering agreements are outright void.

- Option 4 (Both a and c): Also incorrect, since neither "valid" nor "voidable" applies.