Aleatory Contract Law and Legal Definition. 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 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. 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 aleatory contract: 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) 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. Definition of aleatory contract in the Fine Dictionary. Meaning of aleatory contract with illustrations and photos. Pronunciation of aleatory contract and it's etymology. Related words - aleatory contract synonyms, antonyms, hypernyms and hyponyms. Example sentences containing aleatory contract A contract whose performance is dependent on the future occurrence of some event and/or in which the amount of money exchanged between the parties may be unequal. For example, an insurance policy is usually an aleatory contract because the insurance company does not have to do anything unless an insured event occurs. An aleatory contract is an agreement between an individual and an insurance company. The purpose of the agreement is to ensure that the insurer honors the claim when a specific event occurs. The terms of an agreement state the coverage by the insurer and the claim process by the insured. An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence. Examples of such contracts include gambling contracts and betting contracts.
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