gambling contract

gambling contract
A contract in which the parties, in effect, stipulate that they shall gain or lose on the happening of an event which is uncertain of occurrence and in which they have no interest except that arising from the possibility of such gain or loss. 24 Am J1st Gaming § 62. A contract wherein the parties stake their property or money on an event which in its nature may or may not happen, and whereby one of them is to lose and the other is to win. State v Stripling, 113 Ala 120, 21 So 409.

Ballentine's law dictionary. . 1998.

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