Essentials of a Wager
1. There must be a promise to pay money or money’s worth.
2. Promise must be conditional on an event happiening or not happening.
3. There must be uncertainty of event.
4. There must be two parties, each party must stand to win or lose.
5. There must be common intention to bet at the timing of making such agreement.
Parties should have no interest in the event except for stake.
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