Can a mere hope or expectancy be sold?

Answer 1

I trust you mean a hope for something or an expectancy of something. An expectancy is in fact what many contracts are based upon, if you define it as something that is expected in return for value given. And as to mere hope, as long as we're talking about a specific hope and not just some generalized feeling, sure, it's sold all the time too. In the securities area, people buy "futures" which is a "calculated gamble" or hope, or expectancy, that the price of something will be higher at a later date, and you are buying it at a low enough price today so that when sold on that later date for a higher price will yield a tidy profit and justifies the present expenditure and holding period. When people contract to buy a condominium governed by the federal Interstate Land Sales Act, there's a very good chance that the terms are that there's no guaranty that the condo will be built at all; the buyer takes a huge risk that it may never be built and after being locked into a contract for a few years may only get its money back (plus a litte interest perhaps) -- so why contract for the condo -- because we rely on the reputation of the builder to come through...