An agreement in which performance by one party depends upon the occurrence of an uncertain event in the hope of gaining something of value is termed:

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Option B, a gambling agreement, aptly describes an agreement that is based on the occurrence of an uncertain event with the hope of gaining something valuable, such as money or property. This type of agreement is generally viewed as a form of gambling because the outcome depends on chance rather than on the parties' skills or efforts.

An Agreement in Which Performance by One Party Depends Upon