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Legal Terms - Aleatory
An aleatory contract is a type of agreement where the performance or outcome is dependent on an uncertain event or contingency.
A contract in which the outcomes, including both the benefits and drawbacks, are contingent upon an unpredictable event, affecting either all parties involved or a subset of them. Traditionally, this would be a contract specifically related to gaming. In common law, a wager referred to a legally binding agreement that the courts were obligated to uphold, as long as it did not violate principles of morality, decency, or sound policy (Johnson v Lumley, 1852)
An aleatory contract is a type of agreement where the performance or outcome is dependent on an uncertain event or contingency.
A contract in which the outcomes, including both the benefits and drawbacks, are contingent upon an unpredictable event, affecting either all parties involved or a subset of them. Traditionally, this would be a contract specifically related to gaming. In common law, a wager referred to a legally binding agreement that the courts were obligated to uphold, as long as it did not violate principles of morality, decency, or sound policy (Johnson v Lumley, 1852)
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