Aleatory Contract


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Related to Aleatory Contract: contract of adhesion

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 ?
The odds of winning or loss in aleatory contracts must be considered at the conclusion of the contract so that the parties conclude knowingly the contract.
As for the aleatory contracts, in general, the evident disproportion between the benefits of the parties is a possible consequence of the aleatory nature of the contracts.
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).
As a corollary of the above, our opinion is that the gaming and betting are contracts falling within the species of aleatory contracts, but, as they are characterized by traits that individualize them in a very pronounced way within this species, they are well defined and original institutions both from a purely legal point of view and in terms of their social component.