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Aleatory Contract

   Also found in: Dictionary/thesaurus, Legal 0.01 sec.
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.
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Although the court defined the word as it is used generically in Black's Law Dictionary, (19) the Comment to [section] 379 of the Restatement (Second) of Contracts defines it more applicably: 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 "loss of chance" doctrine of damages for breach of contract by Sturgess, Robert H. / Florida Bar Journal
 
 
 
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