Prop Betting Procedure Question

[NLSoldier]

Please consider the following scenario.

We have 2 people. Person A and person B. On day 1, person A and person B agree to bet on a task that person A is to complete on day 3. If person A completes the task by a specified point in time on day 3, he wins the bet. If he fails to complete the task, person B wins the bet. The bet is agreed upon.

On day 2, person A comes to person B and says he wants to cancel the bet. He cites the fact that no circumstances have changed since the time the bet was agreed on. Person B says he does not want to cancel the bet, and argues that the fact that person A now wants to cancel is a change of circumstances in itself.

Does person A have the right to cancel the bet and not pay person B any money?

[Schneids]

Assuming the information is identical (in the case of this, it sounds like no circumstances have changed... unlike if say someone bet with Clark about UNC winning it all in the Sweet 16, then May got injured, and the person wanted to cancel while UNC was still alive), bets are cancellable.

That's why in roullette, you can modify or even remove your bet completely all the way up until the wheel starts to slow, even though technically your bet was placed.

[pshreck]

Under simple contract law, no, they cannot cancel the bet.

However, these prop bets are most likely all technically illegal, so either party can do whatever they want.

[NLSoldier]

[ QUOTE ]
Assuming the information is identical (in the case of this, it sounds like no circumstances have changed... unlike if say someone bet with Clark about UNC winning it all in the Sweet 16, then May got injured, and the person wanted to cancel while UNC was still alive), bets are cancellable.

That's why in roullette, you can modify or even remove your bet completely all the way up until the wheel starts to slow, even though technically your bet was placed.

[/ QUOTE ]

Obviously prop betting is not the same as roulette. With a prop bet there are an infinite number of other factors that could be influencing Person A's desire to cancel the bet. I.E. he no longer believes he will be able to complete the task.

[Ianco15]

Once two parties agree to a bet (espically where time is important), one party cannot cancel the bet the next day without consent from the second party.

If someone pulled that with me I definitely wouldn't bet with them again.

[KidPokerX]

The answer, by law, is no. All conditions to this bet have been agreed upon by both parties, therefore person A cannot change the terms of this agreement without the (written) consent of both parties.

Of course if this was an oral contract, it becomes a little more sticky to resolve - and also cannot be changed orally (by law).

[NLSoldier]

[ QUOTE ]
Under simple contract law, no, they cannot cancel the bet.

However, these prop bets are most likely all technically illegal, so either party can do whatever they want.

[/ QUOTE ]


I would assume the people are friends and wish to follow gentlemenly prop betting protocol.

[thatpfunk]

[ QUOTE ]
Assuming the information is identical (in the case of this, it sounds like no circumstances have changed... unlike if say someone bet with Clark about UNC winning it all in the Sweet 16, then May got injured, and the person wanted to cancel while UNC was still alive), bets are cancellable.

That's why in roullette, you can modify or even remove your bet completely all the way up until the wheel starts to slow, even though technically your bet was placed.

[/ QUOTE ]

Time was a factor in this bet though. Once a prop bet is agreed upon, its a done deal. Backing out of bets is weak.

[pshreck]

[ QUOTE ]

I would assume the people are friends and wish to follow gentlemenly prop betting protocol.

[/ QUOTE ]

It is pretty clear from this board and everywhere that there is no clearly defined prop betting protocol. The reason people find so many angles is because they are playing with shaky rules.

Under the idea of an agreement or contract, backing out once the agreement is made, with no penalty, doesn't make much sense. So I would assume that under prop bet protocol, you can't get out of it unless the second party allows you to.

[bicyclekick]

I've been asked to edit my response, so I will. Backing out of a bet is very toolish.