What does aleatory contract mean?
Definitions for aleatory contract
aleatory con·tract
This dictionary definitions page includes all the possible meanings, example usage and translations of the word aleatory contract.
Princeton's WordNet
aleatory contractnoun
a contract whose performance by one party depends on the occurrence of an uncertain contingent event (but if it is contingent on the outcome of a wager it is not enforceable)
Wikipedia
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.The term was a classification developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities. Many modern forms of derivatives and options may in some cases also be considered aleatory contracts. For example, the French civil code contains a chapter on aleatory contracts, with specific provisions for gaming (gambling) and life annuities.
ChatGPT
aleatory contract
An aleatory contract is a type of agreement where the outcomes or obligations for the parties involved depend on uncertain events, such as chance or unknown potential factors. These contracts are typically asymmetrical, meaning the performance of one party depends on the occurrence of an uncertain event, while the other party must perform their obligation regardless. Examples of aleatory contracts include insurance policies or gambling bets.
Wikidata
Aleatory contract
An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract are insurance policies. Such insurance contracts may be a boon to one party but create a major loss for the other, as more in benefits may be paid out than actual premiums received, or vice versa. The term was a classification developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities. Many modern forms of derivatives and options may in some cases also be considered aleatory contracts. For example, the French civil code contains a chapter on aleatory contracts, with specific provisions for gaming and life annuities.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of aleatory contract in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of aleatory contract in Pythagorean Numerology is: 2
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"aleatory contract." Definitions.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.definitions.net/definition/aleatory+contract>.
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