- aleatory contract
- aleatory contract aleatory contract ➔ contract1
* * *aleatory contract UK US noun [C]► INSURANCE, FINANCE, LAW an agreement that is connected with an event that is not under someone's control , that may or may not happen, and of which the result is uncertain. Most insurance agreements and derivatives (= financial products based on the value of another asset) are aleatory contracts: »
The most common type of aleatory contract is an insurance policy, in which an insurance company must make payment only after a fortuitous event, such as a fire, occurs.
Financial and business terms. 2012.
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aleatory contract — see contract Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. aleatory contract … Law dictionary
Aleatory contract — An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract are insurance policies. [… … Wikipedia
Aleatory Contract — A contract type in which the parties involved do not have to perform a particular action until a specific event occurs. Events are those which cannot be controlled by either party, such as natural disasters and death. Aleatory contracts are… … Investment dictionary
aleatory contract — /eyliyatoriy kontraekt/ 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. Restatement of Contracts, No. 291. Contracts in which… … Black's law dictionary
aleatory contract — A contract, the performance of which depends on an uncertain event, such as a fire insurance contract. Losecco v Gregory, 108 La 648, 651, 32 So 985. Although an agreement must be certain if it is to be enforceable as a contract, an agreement can … Ballentine's law dictionary
aleatory contract — /æliˌeɪtəri ˈkɒntrækt/ (say alee.aytuhree kontrakt) noun a contract or agreement of which the effects with respect both to the advantages and the losses depend on uncertain events; a wagering contract … Australian English dictionary
aleatory contract — noun 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) • Hypernyms: ↑contract … Useful english dictionary
contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… … Law dictionary
aleatory — ale·a·to·ry / ā lē ə ˌtōr ē/ adj [Latin aleatorius of a gambler, from aleator gambler, dice player, from alea, a dice game]: depending on an uncertain event or contingency as to both profit and loss the aleatory nature of a lawyer s contingency… … Law dictionary
Aleatory — A le*a*to*ry, a. [L. aleatorius, fr. alea chance, die.] (Law) Depending on some uncertain contingency; as, an aleatory contract. Bouvier. [1913 Webster] … The Collaborative International Dictionary of English