Gaw v. Bennett

Citations

• 153 Pa. 247
• 25 A. 1114
• 1893 Pa. LEXIS 1085

Syllabus

<p>[Marked to be reported.]</p> <p>Gambling contracts — Purchase and sale of stoclc on margin.</p> <p>A promissory note given to a broker to cover losses incurred in stock gambling operations is void.</p> <p>A wagering contract is one in which the parties in effect stipulate that they shall gain or lose upon the happening of an uncertain event in which they have no interest, except that arising from the possibility of such gain or loss; and whether the contract is a wagering one or not is a question for the jury, unless the entire contract, unexplained by oral testimony, is in writing.</p> <p>Evidence of wagering contract — Submission to jury.</p> <p>In an action on a promissory note given by defendant’s intestate, defendant claimed that the note was given in payment of a balance due on stock gambling operations, and introduced evidence which tended to show that decedent had about $7,700 invested in his business, and was in receipt of an income of about $5,000 a year; that plaintiffs, stock brokers, bought for him in the course of three years nearly $70,000 worth of stocks, and sold the same at a loss of about the amount of the note; that none of the stock was paid for by decedent, or delivered to him. The court submitted the whole ease to the jury, to determine whether or not the note was given in settlement of a gambling contract. Held, not to be error.</p>