What is a aleatory contract?
Aleatory means that something is dependent on an uncertain event, a chance occurrence. Aleatory is used primarily as a descriptive term for insurance contracts. An aleatory contract is a contract where performance of the promise is dependent on the occurrence of a fortuitous event.
What is an example of an aleatory contract?
An aleatory contract is a contract where an uncertain event determines the parties' rights and obligations. For example, gambling, wagering, or betting typically use aleatory contracts. Additionally, another very common type of aleatory contract is an insurance policy.
What are the characteristics of an aleatory contract?
Aleatory contracts are agreements where a party doesn't have to perform contractual obligations unless a specified event happens. These contracts also feature unequal consideration—for instance, an insured party will only receive coverage in return for premiums and won't get a payout unless the specified event happens.
What best describes the aleatory nature of an insurance contract?
Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss.
[PDF] THE ALEATORY CONTRACTS UNDER NEW CIVIL CODE - CEEOL
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