wagering contract
noun
: 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)
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“Wagering contract.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/wagering%20contract. Accessed 22 Nov. 2024.
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