premise: A large audience of people seated at banquet tables is watching the happenings on a stage surrounded by blue curtains.
hypothesis: The large audience is watching an award ceremony.
explanation_1: The first sentence does not describe what the people are watching on stage.  The word "happenings" does not imply an award ceremony.
explanation_2: You can not infer it is for an award.
explanation_3: Happenings on a stage aren't necessarily an award ceremony.
premise_logic: exists e3 e2 e1 s1 s2 x1 x2 x3 x4 x5 x6 x7 x8 x9.(n_happening(x6) & on(e2,x7) & Actor(e3,x9) & n_curtain(x9) & a_blue(s2) & Theme(s2,x9) & Theme(e3,x8) & v_surround(e3) & (x7 = x8) & n_stage(x7) & Theme(e2,x6) & Actor(e2,x1) & v_watch(e2) & of(x1,x2) & at(e1,x4) & n_table(x4) & of(x4,x5) & n_banquet(x5) & Theme(e1,x3) & v_seat(e1) & (x2 = x3) & n_people(x2) & n_audience(x1) & a_large(s1) & Theme(s1,x1))
hypothesis_logic: exists e1 s1 x1 x2 x3.(n_audience(x1) & a_large(s1) & Theme(s1,x1) & Theme(e1,x2) & Actor(e1,x1) & v_watch(e1) & Time(x2,x3) & n_ceremony(x3) & n_award(x2))