Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Bet
    Ballentine's Law Dictionary

    A wager; to wager.

  • Bet
    Black's Law Dictionary: 2nd Edition

    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 dlsputed between them is settled in one way or the other. Harris v. White, 81 N. Y. 532; Rich v. State, 38 Tex. Cr. R, 199, 42 S. W. 291, 38 L. R. A. 719; Jacobus v. Hazlett, 78 III. App. 241; Shaw v. Clark, 49 Mich. 384, 13 N. W. 786, 43 Ain. Rep. 474; Alvord v. Smith, 63 Ind. 62. Bet and wager are synonymous terms, and are applied both to the contract of betting or wagering and to the thing or sum bet or wagered. For example, One bets or wagers or lays a bat or wager of so much, upon a cer-tnin result. But these terms cannot properly be applied to the act to be done or event to happen, upon which the bet or wager is Inid. Bets or wagers may be inid upon acts to be done, events to happen or facts existing or to exist The bats or wagers may be illegal, and the acts, evenis or facia upon which they are laid may not be. Beta or wagers may be Inid upon games, and things that are not games. Everything upon which a bat or wager may be laid is not a game. Woodcock v. McQueen, 11 Ind. 16 ; Shumate v. Com., 15 Grab 660; Harris v. White, 81 N. Y. 539.