What is BET? Definition of BET in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
An agreement between two or more persons that a sum of money or other valuable thing, to which all jointly contribute, shall become the sole property of one or some of them on the happening in the future of an event at present uncertain, or according as a question disputed be tween them is settled in one way or the other. Coulter v. State, 122 Tex.Cr.R. 9, 53 S.W.2d 477,480.
A contract by which two or more parties agree that a 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. Grooms v. Knox, 25 Ala.App. 185, 142 So. 582.
In a "bet" or "wager" money belongs to the persons posting it, each of whom has a chance to win it, but, in the case of a "purse" or "premium," money belongs to the person offering it, who has no chance to win it, but is cer- tain to lose it. Toomey v. Penwell, 76 Mont. 166, 245 P. 943, 945, 45 A.L.R. 993.
Bet and wager are synonymous terms. Woodcock v. Mc- Queen, 11 Ind. 16; Shumate v. Com., 15 Grat. (Va.) 660.
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