Aleatory Contract

Business, Legal & Accounting Glossary

Definition: Aleatory Contract


Quick Summary of 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.




Full Definition of Aleatory Contract


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. The insurance company must perform its obligation only after the fortuitous event, the fire, occurs.


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Aleatory Contract. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. October 16, 2021 https://payrollheaven.com/define/aleatory-contract/.
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Aleatory Contract. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/aleatory-contract/ (accessed: October 16, 2021).
American Psychological Association (APA):
Aleatory Contract. PayrollHeaven.com. Retrieved October 16, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/aleatory-contract/

Definition Sources


Definitions for Aleatory Contract are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th October, 2021 | 0 Views.