aleatory contract

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Related to Aleatory contracts: contract of adhesion, Unilateral Contracts
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  • noun

Words related to 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)

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References in periodicals archive ?
The new Civil Code regulates within three articles (Articles 2264-2266) the gambling and betting, as subspecies of aleatory contracts.
Legally, the game and the bet are defined as aleatory contracts in which the parties mutually agree to pay an amount or other thing to the winner, subject to the fulfillment or failure of an event which gives rise to opportunities for gain or loss for both or all contracting parties.
Under these conditions, the conclusion was imposed according to which the so-called self-help games of humanitarian aid did equal neither the mutual aid activities, nor the humanitarian ones, falling into the category of aleatory contracts governed by the 1864Civil Code, under the name of "game and wager.
An aleatory contract is one in which at least one party is under a duty that is conditional on the occurrence of an event that, so far as the parties to the contract are aware, is dependent on chance.
The aleatory contracts (that the former doctrine named gaming and betting (1)) are the contracts of onerous title, wherein the limits and even the existence of the obligation for one of the parties, or for both is not known at the moment of the contract conclusion because it depends upon an uncertain and future event, in this case the uncertainty being referred to the fulfillment or failure of the event (condition) or to the moment of fulfillment only (uncertain term).
Opposite to the aleatory contracts, there are the commutative contracts, wherein at the conclusion moment the existence of rights and liabilities is certain, and the extend of it is determined or determinable.
One can easily notice that the aleatory element is essential and distinctive for aleatory contracts, compared to the commutative ones.