An aleatory contract is an agreement whereby the parties involved do not have to perform a particular action until a specific, triggering event occurs. Events are those that cannot be controlled by... 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: What does "Aleatory Contract" mean? This definition is one of 6 characteristics of insurance contracts. It means that the execution of laid out contract is based on a future and unpredictable event occurring (You could pay premiums your whole life and never collect) Definition 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. Aleatory contracts are contracts in which there is no obligation for one party to pay another party until a specific event takes place. Insuranceopedia explains Aleatory Contract Since insurers don't usually have to pay policyholders until they file a claim, most insurance contracts are aleatory contracts. Which of the following statements about aleatory contracts is NOT true? A) Insurance contracts are considered aleatory B) The insured and the insurer have the potential for unequal contributions C) The insured and the insurer contribute equally to the contract D) Aleatory contracts are conditioned upon the occurrence of an event In this regard, what does aleatory contract mean? 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 party. Most insurance policies are aleatory contracts. Aleatory Contract A mutual agreement between two parties in which the performance of the contractual obligations of one or both parties depends upon a fortuitous event. An aleatory contract is a contract between two parties with agreements contingent on a specific event or occurrence. For example, insurance policies are considered aleatory contracts, because the policy does not go to work for the consumer until the event itself comes to pass. Definition of aleatory contract in the Definitions.net dictionary. Meaning of aleatory contract. What does aleatory contract mean? Information and translations of aleatory contract in the most comprehensive dictionary definitions resource on the web.
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