Definition Of A Wager

1 with object Risk (a sum of money or valued item) against someone else's on the basis of the outcome of an unpredictable event; bet. ‘a total of $770,700 was wagered by fans at other sites on the track’. A wager is a bet; a contract by which two parties or more agree that a certain sum of money, or other thing, shall be paid or delivered to one of them, on the happening or not happening of an uncertain event. When Are Wagers Allowed by Law? The law does not prohibit all wagers. Sir William Anson defines ‘wager’ as a promise to give money or money’s worth upon the determination or ascertainment of an uncertain event. The word ‘wager’ means ‘a bet’ something stated to be lost or won on the result of an uncertain issue, and, hence, wagering agreements are ordinary betting agreements.

Wager of Law

A procedure for defending oneself that could be used in a trial before one of the ancient courts of England.A defendant who elected to 'make his law' was permitted to make a statement before the tribunal, swear an oath that it was true, and present one or more individuals who swore that they believed he had told the truth under oath. This was the predominant form of defense in the feudal courts, and it persisted for a time in the common-law courts.

It had originated in Anglo-Saxon England in the ties of kinship that bound people together in the period before the year 1000, a time when each man was responsible for the acts of his blood relatives. Later, kinship gave way to a more tribal affiliation and a loyalty to the place of one's birth. When disputes more often than not led to violence, it seemed natural that neighbors would band together. They aligned themselves with a neighbor who was accused in court and swore that in good conscience they believed he was telling the truth. The number of oath-helpers required depended on the defendant's rank and the character of the lawsuit. Eventually it became standard practice to bring eleven neighbors into court to swear for the defendant. The oath-helpers were called compurgators, and the wager of law was called compurgation.

As the kings consolidated their power, suppressing violence and increasing the authority of the courts, the wager of law lost some of its ancient power and became a Nuisance to litigants, who suspected that it frequently opened the door to false swearing. Different Forms of Action developed that did not permit the wager of law as a defense, and plaintiffs used them as much as possible. The procedure of wager of law had long since been obsolete when it was abolished during the reign of Henry IV (1399–1413).

Cross-references

Feudalism; Henry II of England.

A wager is a contract by which two or more parties agree that a certain sum of money or other thing shall be paid or delivered to one of them on the happening of an uncertain event or upon the ascertainment of a fact which is in dispute between them. A contract in which the parties stipulate that they shall gain or lose upon the happening of an uncertain event in which they have no interest except that arising from the possibility of such gain or loss.

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