Aleatory Contract

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Related to Aleatory contracts: contract of adhesion, Unilateral Contracts

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.
References in periodicals archive ?
According to Article 1224 of the new Civil Code the aleatory contracts, transaction, and other contracts provided by law cannot be appealed for lesion.
The Civil Code in force since October 1, 2011, regulates expressly the following aleatory contracts: the insurance contract, the contract for life annuity, the maintenance contract, gaming and betting.
Considering the social importance of this type of legal act, as its spread in modern society, the first of the aleatory contracts governed by the new Civil Code is the insurance contract (Articles 2199 to 2241 Civil Code of 2009).
Thus the game and the bet (sometimes called stakes or wager) were defined as aleatory contracts whereby the parties mutually agree to pay a sum of money or other thing to the winner based on the achievement (check) or failure of an event or fact--depending on the strength, skill, knowledge of the contracting parties or other persons or the hazard--situation which offers to all parties chances of gain and loss.
The aleatory contracts are recognized by the civil law of the Republic of Moldova, as under Article 666 paragraph 3 of the Civil Code of the Republic of Moldova, entitled General Provisions Regarding the Contract, "the contract may be of adhesion or may be negotiated, synallagmatic or unilateral (generates obligations only of one party), commutative or aleatory and with instant or sequential execution, and of consumer." The main types of aleatory contracts are regulated by the Civil Code of the Republic of Moldova, within the Articles 847 to 858, the annuity, within the Articles 1301 to 1330, the insurance and Articles 1375 to 1377, the gambling and betting.