aleatory contract
- A type of agreement where the obligations of one or both parties hinge on an unpredictable occurrence
- The lottery ticket is an example of an aleatory contract because its value relies on the drawing of random numbers.
- Insurance policies are typically aleatory contracts, as the insurer's duty to pay out depends on an uncertain incident like a car accident.
- An aleatory contract regarding a potential oil field would depend on whether the oil is actually present and extractable.
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