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A term for taking chances. A contract, the performance of which depends on an uncertain event. It is used in contract law to describe a contract under which performance may come due upon a condition precedent that has a remote or fortuitous chance of happening. The duty to perform is conditional upon an occurrence which is highly uncertain. This type of contract is valid consideration because the uncertainty makes the contract enforceable.

 - Under the common law and civil law, a mutual agreement, of which the effects, with respect both to the advantages and losses, whether to all the parties, or to some of them, depend on an uncertain event. 

These contracts are of two kinds; namely, when one of the parties exposes himself to lose something which will be a profit to the other, in consideration of a sum of money which the latter pays for the risk. Such is the contract of insurance; the insurer takes all the risk of the sea, and the assured pays a premium to the former for the risk which he runs. In the second kind, each runs a risk which is the consideration of the engagement of ...

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