Aleatory Contract A mutual agreement between two parties in which the performance of the contractual obligations of one or both parties depends upon a fortuitous event. The most common type of aleatory contract is an insurance policy in which an insured pays a premium in exchange for an insurance company's promise to pay damages up to the face amount of the policy in the event that one's house is destroyed by fire. Aleatory contracts are contracts in which there is no obligation for one party to pay another party until a specific event takes place. Insuranceopedia explains Aleatory Contract Since insurers don't usually have to pay policyholders until they file a claim, most insurance contracts are aleatory contracts. An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence. An aleatory contract is an agreement between an individual and an insurance company. The purpose of the agreement is to ensure that the insurer honors the claim when a specific event occurs. The terms of an agreement state the coverage by the insurer and the claim process by the insured. A contract whose performance is dependent on the future occurrence of some event and/or in which the amount of money exchanged between the parties may be unequal. For example, an insurance policy is usually an aleatory contract because the insurance company does not have to do anything unless an insured event occurs. aleatory contract - aleatorischer Vertrag; Kommentar: ein aleatorisches Rechtsgeschäft ist ein Rechtsgeschäft mit Wagnischarakter, der Erfolg hängt vom Zufall ab, beispielsweise eine Wette. Das Wort leitet sich von lat. alea (Würfel) ab und wird im deutschen auch verwendet. #1 An aleatory contract is an agreement whereby the parties involved do not have to perform a particular action until a specific, triggering event occurs. Events are those that cannot be controlled ... An aleatory contract is a type of contract where the parties’ obligation is linked to a future and uncertain event.. In other words, the contracting parties promise to execute certain obligations or perform certain things upon the happening of a specific triggering event. Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. an agreement that is connected with an event that is not under someone's control , that may or may not happen, and of which the result is uncertain. Most insurance agreements and derivatives (= financial products based on the value of another asset) are aleatory contracts: The most common type of aleatory contract is an insurance policy, in which ...
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Republic Act No. 386 Civil Code of the Philippines, Book IV Obligations and Contracts, Title XIII Aleatory Contracts, Articles 2010 to 2027 An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract is an ... In this video I cover contract unconscionability, the principle behind having contracts deemed unenforceable and void. I'm not an attorney. Nothing in this v... Republic Act No. 386 Civil Code of the Philippines, Book IV Obligations and Contracts, Title XIII Aleatory Contracts, Chapter 3 Life Annuity, Articles 2021 t... Republic Act No. 386 Civil Code of the Philippines, Book IV Obligations and Contracts, Title XIII Aleatory Contracts, Chapter 2 Gambling, Articles 2013 to 2020 Adhesion contracts are mass produced, form contracts, made between a superior party and an adhering party, where the adhering party has essentially no bargai... Learn how to say Aleatory with EmmaSaying free pronunciation tutorials.Definition and meaning can be found here:https://www.google.com/search?q=define+Aleatory What in the heck is an Aleatory Contract, and what does it have to do with insurance? Neal explains it in this video Thanks for watching! =====... Thank you for viewing Stuck on Homeowners? The video linked below will give you a better understanding of a homeowners policy. Please use the coupon code bel... CLICK THE FOLLOWING LINK TO DOWNLOAD MY MOBILE APPLICATIONhttp://bit.ly/SudhirSachdevaClassesAppClick the following link to buy our Full course Lectureshttps...
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