Aleatory contract

An aleatory contract is a contract where an uncertain event outside of the parties' control determines their 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.^[1]

The term was a classification that was developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities.^[3] The French civil code contains a chapter on aleatory contracts, with specific provisions for gaming (gambling) and life annuities. Many modern forms of derivatives and options may in some cases also be considered aleatory contracts.^{[citation needed]}