Gaming Contract

(redirected from Wager Contracts)

Gaming Contract

A contract in which participants agree to play a game of chance. For example, if two friends make a bet on who will win the World Series, they have entered a gaming contract and the loser is obliged to pay the winner the agreed-upon amount. However, a gaming contract may not be enforceable in a jurisdiction where gambling is illegal.
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References in periodicals archive ?
This Note shows that SPIN-Life insurance policies contradict the nature and purpose of life insurance and should be considered securities or wagers, not insurance contracts; make human lives a commodity; violate current insurable interest laws and public policy against wager contracts; and should be declared void ab initio.
Limbaugh, Note, Life Insurance as Security [or a Debt and the Applicability of the Rule Against Wager Contracts, 64 MO.
Limbaugh, Note, Life Insurance as Security for a Debt and the Applicability of the Rule Against Wager Contracts: Estate of Bean v.
Purpose: The purpose of the insurable interest requirement is to ensure that a policy does not fall into the forbidden class of "wager contracts," taken out by people who are wholly unrelated to the insured and thus who have a "direct interest in [the insured's] early termination" (Warnock v.
The firm said four directors, including chief executive Simon Wolfson and other senior staff, are investing a total of about pounds 1.5 million of their own money in financial wager contracts based on the group's share price performance over four years.
Four directors, including chief executive Simon Wolfson, are investing in financial wager contracts based on the group's share price over four years.
Next said four directors, including chief executive Simon Wolfson and other senior staff, are investing a total of about pounds 1.5m of their own money in financial wager contracts based on the group's share price performance over four years.