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aleatory contract


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An agreement of which the effects, with respect both to the gains and losses, whether to all parties or to some of them, depend on an uncertain event. Classically, this would be a gaming contract. At common law a wager was a legal contract, which the courts were bound to enforce, so long as it was not against morality, decency, or sound policy (Johnson v Lumley (1852) 12 CB 468).

Subjects: Law.


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