Aleatory contract
An aleatory contract is a contract where an uncertain event outside of the parties' control determines their 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.[1]
The term was a classification that was developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities.[3] The French civil code contains a chapter on aleatory contracts, with specific provisions for gaming (gambling) and life annuities. Many modern forms of derivatives and options may in some cases also be considered aleatory contracts.Script error: No such module "Unsubst".
References
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