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    Wagering Contract

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    Basri Jay
    Wagering contracts refer to agreements where a party agrees to provide a service or goods if a uncertain event occurs, but there is no agreed consideration exchanged. Examples include insurance contracts, options, futures trading, and bets. While some commercial wagering contracts are valid, many jurisdictions have made betting and gambling illegal through statutes. Insurance works to distribute the risk of economic loss across many individuals exposed to the same risks. Inchoate interests refer to potential property interests that have not yet vested, such as an inheritance that will be received upon a relative's death. Subrogation involves substituting one party for another for a legal claim or right, such as an insurer stepping into the rights of the insured after paying a loss

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    Wagering Contract

    Uploaded by

    Basri Jay
    395 views1 page
    Wagering contracts refer to agreements where a party agrees to provide a service or goods if a uncertain event occurs, but there is no agreed consideration exchanged. Examples include insurance contracts, options, futures trading, and bets. While some commercial wagering contracts are valid, many jurisdictions have made betting and gambling illegal through statutes. Insurance works to distribute the risk of economic loss across many individuals exposed to the same risks. Inchoate interests refer to potential property interests that have not yet vested, such as an inheritance that will be received upon a relative's death. Subrogation involves substituting one party for another for a legal claim or right, such as an insurer stepping into the rights of the insured after paying a loss

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    Wagering Contract

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    Wagering contracts refer to agreements where a party agrees to provide a service or goods if a uncertain event occurs, but there is no agreed consideration exchanged. Examples include insurance contracts, options, futures trading, and bets. While some commercial wagering contracts are valid, many jurisdictions have made betting and gambling illegal through statutes. Insurance works to distribute the risk of economic loss across many individuals exposed to the same risks. Inchoate interests refer to potential property interests that have not yet vested, such as an inheritance that will be received upon a relative's death. Subrogation involves substituting one party for another for a legal claim or right, such as an insurer stepping into the rights of the insured after paying a loss

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    395 views1 page

    Wagering Contract

    Uploaded by

    Basri Jay
    Wagering contracts refer to agreements where a party agrees to provide a service or goods if a uncertain event occurs, but there is no agreed consideration exchanged. Examples include insurance contracts, options, futures trading, and bets. While some commercial wagering contracts are valid, many jurisdictions have made betting and gambling illegal through statutes. Insurance works to distribute the risk of economic loss across many individuals exposed to the same risks. Inchoate interests refer to potential property interests that have not yet vested, such as an inheritance that will be received upon a relative's death. Subrogation involves substituting one party for another for a legal claim or right, such as an insurer stepping into the rights of the insured after paying a loss

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    © All Rights Reserved
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    WAGERING CONTRACT- a contract by which a promisor agrees that upon the

    occurrence of an uncertain event or condition he or she will render a performance for


    which there is no agreed consideration exchanged, and under which the promisee or
    the beneficiary of the contract is not made whole for any loss caused by such
    occurrence (as in options, insurance contracts, trading in futures, or betting contracts).
    Wagering contract or gambling contract. A contract which
    is of the nature of wager. Contracts of this nature
    include various common forms of valid commercial
    contracts, as contracts of insurance, contracts dealing in
    futures, options, etc. Other wagering contracts and bets
    are now generally made illegal by statute against betting
    and gambling, and wagering has in many cases been made a
    criminal offence.

    As a risk distributing device: The device of insurance serves to distribute the risk of
    economic loss among as many as possible of those who are subject to the same kind of
    risk. This broad sharing of economic risk is the principle of risk-distribution.

    INCHOATE INTEREST- Interests, generally property interests that are likely to vest but
    have not yet actually done so. The inchoate interest usually is dependent on an event
    occurring that triggers the interest, such as a relative's death triggering an inheritance.
    The interest that the inheriting relative has in the inheritance is inchoate until the death
    occurs, at which point it becomes a real interest.
    Subrogation is the substitution of one person by another with reference to a lawful claim or right, so
    that he who is substituted succeeds to the rights of the other in relation to a debt or claim, including its
    remedies or securities. The principle covers a situation wherein an insurer has paid a loss under an
    insurance policy is entitled to all the rights and remedies belonging to the insured against a third party
    with respect to any loss covered by the policy. It contemplates full substitution such that it places the
    party subrogated in the shoes of the creditor, and he may use all means that the creditor could employ
    to enforce payment.

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