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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.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
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.
The former CEO of Abercrombie & Fitch (A&F) has dementia and late onset Alzheimer's disease, his legal team has said in a court document filed in New York. Lawyers for Mike Jeffries have requested ...
WASHINGTON − The House Ethics Committee on Monday released a damaging report alleging there is "substantial evidence" former Rep. Matt Gaetz, R-Fla., participated in "prostitution, statutory ...
Clausula rebus sic stantibus is the legal doctrine allowing for a contract or a treaty to become inapplicable because of a fundamental change of circumstances. In public international law the doctrine essentially serves an "escape clause" to the general rule of pacta sunt servanda (promises must be kept).
Khalil Mack is set to become a free agent for the first time in his 11-year career. Whether the Los Angeles Chargers linebacker decides to test the waters, though, is not the first thought on his ...
A knock-for-knock agreement is an agreement between two insurance companies whereby, when both companies' policy-holders incur losses in the same insured event (usually a motor accident), each insurer pays the losses sustained by its own policy-holder regardless of who was responsible.