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Additionally, another very common type of aleatory contract is an insurance policy. [3] The term was a classification developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities. [4] Many modern forms of derivatives and options may in ...
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.
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 ...
Getting older has a few perks — wisdom, greater perspective on life and senior discounts among them — but most of us associate aging with the harsh reality of wrinkles, joint problems and a ...
The man who pleaded guilty to kidnapping and sexually assaulting a Northern California woman in a case that became known nationwide as the "Gone Girl" kidnapping has now been charged with other ...
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Donald Trump's former Treasury secretary, Steven Mnuchin, said he will not seek to join the president-elect's new administration but is ready to offer advice to his successor, including on how to ...