Aleatory Contract – where at least one party’s performance depends on some uncertain event that is beyond the control of the parties involved (i.e. insurance contracts and life annuities)

aleatory contract:
(ay-lee-a-tor-ee)
[fr. Latin aleator “gambler,” fr. also “the throwing of dice”] (1891)

1. A contract in which at least one party’s performance depends on some uncertain event that is beyond the control of the parties involved.  *  Most insurance contracts and life annuities are of this type. — aka hazardous contract; wagering contract.  Cf. certain contract.

     Excerpt from La. Civ. Code art. 1912:

     “A contract is aleatory when, because of the nature or according to the parties’ intent, the performance of either party’s obligation, or the extent of the performance, depends on an uncertain event. [2]

References:

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

[2]:  La. Civ. Code art. 1912.

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