Legal definition for ALEATORY CONTRACTS: civil law. A mutual agreement, of which the effects, with respect both to the advantages and losses, whether to all the parties, or to some of them, depend on an uncertain e What Is an Aleatory Contract? An aleatory contract is an agreement whereby the parties involved do not have to perform a particular action until a specific, triggering event occurs. 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. An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their Contact Us If you still have questions or prefer to get help directly from an agent, please submit a request. The aleatory contracts (that the former doctrine named gaming and betting (1)) are the contracts of onerous title, wherein the limits and even the existence of the obligation for one of the parties, or for both is not known at the moment of the contract conclusion because it depends upon an uncertain and future event, in this case the uncertainty being referred to the fulfillment or failure of the event (condition) or to the moment of fulfillment only (uncertain term). The aleatory contracts (that the former doctrine named gaming and betting (1)) are the contracts of onerous title, wherein the limits and even the existence of the obligation for one of the parties, or for both is not known at the moment of the contract conclusion because it depends upon an uncertain and future event, in this case the uncertainty being referred to the fulfillment or failure of the event (condition) or to the moment of fulfillment only (uncertain term). ALEATORY CONTRACTS civil law. A mutual agreement, of which the effects, with respect both to the advantages… HAZARDOUS CONTRACT civil law. When the performance of that which is one of its objects, depends on… WAGER A wager is a contract by which two or more parties agree that a certain… An aleatory contract is a type of contract where the parties’ obligation is linked to a future and uncertain event. In other words, the contracting parties promise to execute certain obligations or perform certain things upon the happening of a specific triggering event. Typically, we see aleatory contracts in: Gambling contract; Wagering contract Definition of Aleatory Contract A wagering contract Browse You might be interested in these references tools: ResourceDescription Aleatory Contract in the Dictionaries, Aleatory Contract in our legal dictionaries, Related topics, Browse topics from the European Encyclopedia of Law, Browse […] An aleatory contract is a contract whose execution or performance is contingent upon the occurrence of a particular event or contingency or an uncertain (random) event beyond the control of either USLegal Home
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