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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.
Clausula rebus sic stantibus comes from Latin (where rebus sic stantibus is Latin for "with things thus standing" or, more idiomatically, "as things stand").. A key figure in the formulation of clausula rebus sic stantibus was the Italian jurist Scipione Gentili (1563–1616), who is generally credited for coining the maxim omnis conventio intelligitur rebus sic stantibus ('every convention is ...
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.
Each annuity is a contract between you and an insurance company: You provide the company money now, and they promise to pay you a steady income later, potentially for the rest of your life ...
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.
Google pays Apple at least $20 billion a year to make its search engine the default on iPhones.. Those payments were at the heart of a federal antitrust case Google lost earlier this year. Now ...
There are no teams on a bye for the first time since Week 8, meaning there is an abundance of options to start at the wide receiver and flex spots in fantasy football. Not all options are equal.
[d] An oral contract may also be called a parol contract or a verbal contract, with "verbal" meaning "spoken" rather than "in words", an established usage in British English with regards to contracts and agreements, [60] and common although somewhat deprecated as "loose" in American English. [61]