Finance:Aleatory contract

From HandWiki

An aleatory contract is a contract where an uncertain event determines the parties' 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.[3] The term was a classification developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities.[4] Many modern forms of derivatives and options may in some cases also be considered aleatory contracts. For example, the French civil code contains a chapter on aleatory contracts, with specific provisions for gaming (gambling) and life annuities.[5]

References

  1. ↑ "Aleatory". Merriam-Webster. https://www.merriam-webster.com/dictionary/aleatory. Retrieved 11 May 2018. 
  2. ↑ "What is ALEATORY CONTRACT?". https://thelawdictionary.org/aleatory-contract/. 
  3. ↑ Black's Law Dictionary, 7th ed. 1999
  4. ↑ J. Franklin, The Science of Conjecture: Evidence and Probability Before Pascal (Baltimore: Johns Hopkins University Press, 2001), ch. 11.
  5. ↑ Text of French Civil Code (in English)

[1]



  1. ↑ "hellsbet.com". May 25, 2021. https://hellsbet.com. 
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