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An aleatory contract is a contract where an uncertain event determines the parties' 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.
Insurance contracts are aleatory in that the amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events. [ 9 ] [ 10 ] In contrast, ordinary non-insurance contracts are commutative in that the amounts (or values) exchanged are usually intended by the parties to be roughly equal.
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
An annuity is an insurance contract between you and an insurer. For some folks, annuities are a way to ensure you don't outlive your retirement savings with income that can help pay your bills and ...
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
WakeMed did not ask Humana to pay more for its services in the new contract, the spokesman said. “Meanwhile, Humana is demanding a rate cut because ‘2024 will be a challenging year financially ...
The mastermind behind the decade-long bribery scheme and one of the largest corruption scandals in US military history that brought down dozens of Navy officials has been sentenced to 15 years in ...
The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible. Accordingly, courts will often read implied-in-fact or implied-in-law terms into the contract, placing duties on the promisor.