Freedley v. Jacoby

Citations

• 220 Pa. 609
• 69 A. 1047
• 1908 Pa. LEXIS 826

Syllabus

<p>Contract — Illegal contract — Wagering contract — Stock gambling — Affidavit of defense.</p> <p>One who undertakes to make a bet or wager for another and advances the money staked has no right of action against his principal in the event of loss.</p> <p>Where two persons agree between themselves to speculate in stocks on a margin, without any intention to buy and pay for the stocks and accept the delivery thereof, but simply to deal in the rise and fall of the market and share in the loss or gains of such dealings, one of the two persons, who has advanced the money for such purpose, cannot recover from the other the latter’s share of the loss.</p>