Aleatory Contract - Explained
What is an Aleatory Contract?
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What is an Aleatory Contract?
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. Examples of such contracts include gambling contracts and betting contracts.
How does an Aleatory Contract Work?
In an aleatory contract, the end of the contractual obligation is totally based on the occurrence of a future uncertain event directly impacting the economic benefits greed between the parties. This uncertainty is understood from the start, and all parties have complete knowledge or understanding of those economic effects, regardless of the fact that the condition is suspensive or resolutary.
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