Volume 17, Issue 4 (2013)
CLR 2013, 17(4): 63-84 |
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Javad H, Mousazadeh F. A Comparison of Option Contract and Gamble in Iranian and English Legal Systems. CLR 2013; 17 (4) :63-84
URL: http://clr.modares.ac.ir/article-20-6887-en.html
URL: http://clr.modares.ac.ir/article-20-6887-en.html
1- 1. Assistant professor, Department of Law, University of Science and Culture, Tehran, Iran
2- 2. LLM in Private Law, University of Science and Culture, Tehran, Iran
2- 2. LLM in Private Law, University of Science and Culture, Tehran, Iran
Abstract: (10877 Views)
Option contract is one of the financial derivatives used to manage and control risk. Some doubts have affected its application and usefulness in Islamic financial markets. On some grounds such as wagering on future prices, jeopardizing the capital and acquisition of a windfall wealth, the lack of intention by parties to create a legally binding contract, and the lack of legitimate cause for acquisition, etc., the critics regard the contract as gambling and a void one. This article shall, by contrasting the option contract with gamble in Iranian and English legal systems, conclude that these doubts derive from the characteristics peculiar to option contract, on the one hand, and from the critics’ in acquaintance with option contract and gamble, on the other. Therefore, the similarities between them are only superficial, and the two contracts differ materially from many aspects such as their nature, subject-matter, function, purpose and rules.
Received: 2013/10/31 | Accepted: 2014/03/19 | Published: 2014/03/21
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