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Simple English definitions for legal terms
wager
Read a random definition: law of obligations
A quick definition of wager:
Wager: A wager is when someone puts money or something else valuable at risk by betting on an uncertain event. It can also mean making a promise to pay money if something uncertain happens. It is sometimes called gambling.
A more thorough explanation:
Definition: Wager refers to the money or other consideration that is risked on an uncertain event, such as a bet or gamble. It can also refer to a promise to pay money or other consideration on the occurrence of an uncertain event.
Examples:
- John placed a wager of $50 on his favorite football team to win the game.
- Samantha made a wager with her friend that she could finish reading a book in one day.
- A company made a wager with its employees that if they met their sales target, they would receive a bonus.
The examples illustrate how wager refers to the money or other consideration that is risked on an uncertain event. In the first example, John is risking $50 on the uncertain outcome of the football game. In the second example, Samantha is making a bet with her friend that she can finish reading a book in one day. In the third example, the company is promising to pay a bonus to its employees if they meet their sales target, which is an uncertain event.