What is the name given to the "pact" that "gives" the last person
involved in the pact to take a drink or take an action meant to honor
those that died before them?

Hi, scramblecat-ga

Such an arrangement is often called a "tontine".  Originally a tontine was:

"A system of annuities in which the benefits pass to the surviving
subscribers until only one is left."

[Weird Words: Tontine]
http://www.worldwidewords.org/weirdwords/ww-ton1.htm

The name tontine is derived from "Lorenzo Tonti, a Neapolitan banker
who started such a scheme in France in 1653, though it has been said
that they were known in Italy earlier."

The monetary aspect, though providing an excellent motive for murder
mystery writers, has been deemphasized in the recent traditions of
"tontine".  The specific topic of a bottle of fine wine or other act
of rememberance was raised in a Google Answers post by pcventures-ga
and nicely handled by tutuzdad-ga here:

[Google Answers: Five men buy a bottle wine or liquor... only the
survivor gets to drink it]
://www.google.com/answers/threadview?id=387579

Such arrangements are also known by the phrase "last man's club".  For
an account of such a club to which Wilbur Wright (of the famous Wright
Brothers) belonged, see here:

[Three Wright Brothers and A "Last Man's" Club]
http://www.centennialofflight.gov/wbh/brunsman/last_mans_club.htm

"Had Orville, who was then 15, been older he likely would have been included."

A more recent tontine or "last man's club" is described here:

[Whiskey waits for last man standing]
http://www.mankato-freepress.com/archives/2003/030224/whiskey.html

"Someday, so club bylaws state, the group's last survivor is to open
the bottle and toast his 160 or so departed comrades."


regards, mathtalk-ga

More than expected, loved the history, prooved a bet, but could not
think of the actual word.. it will make my day.  I feel the $5.00 is
enough for this particular answers, but I loved the service and thanks
to mathtalk-ga!!!!