en Aleatory contract

An aleatory contract is a contract where an uncertain event outside of the parties' control determines their rights and obligations.^[1]^[2] For example, gambling, wagering, or betting, typically use aleatory contracts. Additionally, another very common type of aleatory contract is an insurance policy.^[1]

The term was a classification that was developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities.^[3] The French civil code contains a chapter on aleatory contracts, with specific provisions for gaming (gambling) and life annuities. Many modern forms of derivatives and options may in some cases also be considered aleatory contracts.^{[citation needed]}

References

^ ^a ^b Garner, Bryan A., ed. (2009). Black's law dictionary (9th ed.). St. Paul, MN: West. p. 366. ISBN 978-0314199492.
^ "Aleatory". Merriam-Webster.com. Merriam-Webster. Retrieved 11 May 2018.
^ J. Franklin, The Science of Conjecture: Evidence and Probability Before Pascal (Baltimore: Johns Hopkins University Press, 2001), ch. 11.

[blacks-1] Garner, Bryan A., ed. (2009). Black's law dictionary (9th ed.). St. Paul, MN: West. p. 366. ISBN 978-0314199492.

[2] "Aleatory". Merriam-Webster.com. Merriam-Webster. Retrieved 11 May 2018.

[3] J. Franklin, The Science of Conjecture: Evidence and Probability Before Pascal (Baltimore: Johns Hopkins University Press, 2001), ch. 11.

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Aleatory contract

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