GENERAL KNOWLEDGE

Detailed explanation-1: -In legal terms, an aleatory contract is a contract that depends on an uncertain event; in other words, it is a contract in which there is no obligation for one party to pay another party or to do something until a specific event takes place.

Detailed explanation-2: -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. Examples of such contracts include gambling contracts and betting contracts.

Detailed explanation-3: -One example of an aleatory contract is a home insurance contract. Although both parties (the insurer and the insuree) have both entered into the agreement, the insurer will not need to fulfil their contractual obligations unless a certain event occurs which triggers the need for these obligations to be performed.

Detailed explanation-4: -It is a contract whose fulfillment depends upon chance such as insurance contract .