What is the concept of Gharar in Islamic jurisprudence, and what are its limits?

Linguistically, gharar is a verbal noun indicating deficiency, risk, exposure to perdition, and ignorance.

Technically, it refers to that whose outcome is unknown, or whose affair is hidden and its end concealed, or that which wavers between two possibilities, neither of which is more apparent, or that whose occurrence is unknown, or whose reality and quantity are not known.

The following conditions must be met for gharar to be prohibited in transactions: 1. It must be significant, dominating the contract. 2. It must be possible to avoid it without undue hardship. 3. There must be no general need for it. 4. It must be present in commutative contracts or those with a semblance of commutation.