What aleatory contract means

Aleatory Contract Definition An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence.

26 Oct 2016 The uncertainty nature of aleatory contract determines that the principle of utmost good faith should be Meaning: adj. dependent on chance. Definition of aleatory contract in the Fine Dictionary. Meaning of aleatory contract with illustrations and photos. Pronunciation of aleatory contract and it's  The lesson will introduce, define, and describe four unique characteristics to insurance contracts, which are conditional, unilateral, adhesion, and aleatory. 2 Feb 2014 Chapter 1: Nature and Form of contract A. Definition The seller or With the exceptions of aleatory contracts, those which depends on the  This article covers what is required of valid insurance contracts, since only valid contracts are legally enforceable. There are 4 requirements for any valid contract,  

LEVASSEUR, supra note 5, at 8 (“What does 'correlative' mean and how can its meaning fit in the definition of both [Louisiana Civil Code articles] 1908 and 1911 ?

depending on a contingent event: an aleatory contract. of or relating to accidental causes; of luck or chance; unpredictable: an aleatory element. Music. employing the element of chance in the choice of tones, rests, durations, rhythms, dynamics, etc. Definition of aleatory. 1 : depending on an uncertain event or contingency as to both profit and loss an aleatory contract. 2 : relating to luck and especially to bad luck. Also found in: Dictionary, Thesaurus, Financial. ALEATORY CONTRACTS, civil law. A mutual agreement, of which the effects, with respect both to the advantages and losses, whether to all the parties, or to some of them, depend on an uncertain event. Code of Louis. art. 2951. These contracts are of two kinds; namely, 1. aleatory contract: Where a contract between two parties depends upon an uncertain event and where one party may pay a very small amount and receive a very large amount upon the occurrence or nonoccurrence of the specified event, it is called an aleatory contract.

26 Oct 2016 The uncertainty nature of aleatory contract determines that the principle of utmost good faith should be Meaning: adj. dependent on chance.

They also agree that the aleatory contract depends on uncertain event or contingency as to both profits and loss. 10. It can be seen that the meaning of the word 

An aleatory contract is a contract whose execution or performance is contingent upon the occurrence of a particular event or contingency or an uncertain (random) event beyond the control of either party. Most insurance policies are aleatory contracts.

A legal contract in which the outcome depends on an uncertain event. Insurance contracts are aleatory in nature

A legal contract in which the outcome depends on an uncertain event. Insurance contracts are aleatory in nature

Definition of aleatory. 1 : depending on an uncertain event or contingency as to both profit and loss an aleatory contract. 2 : relating to luck and especially to bad luck. Also found in: Dictionary, Thesaurus, Financial. ALEATORY CONTRACTS, civil law. A mutual agreement, of which the effects, with respect both to the advantages and losses, whether to all the parties, or to some of them, depend on an uncertain event. Code of Louis. art. 2951. These contracts are of two kinds; namely, 1. aleatory contract: Where a contract between two parties depends upon an uncertain event and where one party may pay a very small amount and receive a very large amount upon the occurrence or nonoccurrence of the specified event, it is called an aleatory contract. aleatory contract definition: an agreement that is connected with an event that is not under someone's control , that may or may…. Learn more. Aleatory Contract Definition - Aleatory contracts are contracts in which there is no obligation for one party to pay another party until a specific The noun ALEATORY CONTRACT has 1 sense: 1. 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) Familiarity information: ALEATORY CONTRACT used as a noun is very rare. Aleatory Contract Definition An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence.

Adhesion Contracts. An adhesion contract is one that is drafted by a party with a great deal more bargaining power than the other party, meaning that the weaker