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Warning
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Simple English definitions for legal terms
chance bargain
Read a random definition: aggravated larceny
A quick definition of chance bargain:
A chance bargain is when two people agree to take a risk that things might not be exactly as they thought when they made a deal. As long as no one lied or tricked the other person, a court will say the deal is fair. For example, if two people trade land and one piece turns out to be bigger or smaller than they thought, they can't change the deal.
A more thorough explanation:
A chance bargain is a type of contract where both parties agree to accept the risk that the facts and circumstances assumed at the time of contracting may not be what they believed. This means that if there is no fraud or misrepresentation involved, a court will uphold the agreement.
One example of a chance bargain is a land swap. In this case, each deed may describe a tract of land as containing a certain number of acres "more or less." If the tract is actually larger than described, the seller cannot demand more money for the excess. Similarly, if the tract is actually smaller, the buyer cannot ask for a reduced price to make up for the deficiency.
Another example of a chance bargain is a sale of goods where the buyer agrees to accept the risk that the goods may not be of the quality or quantity expected. For instance, if a buyer purchases a box of apples and agrees to accept the risk that some of the apples may be rotten, the seller cannot be held liable for the bad apples.
These examples illustrate how chance bargains work. Both parties agree to accept the risk that things may not turn out as expected, and as long as there is no fraud or misrepresentation, the agreement will be upheld by a court.