MLchartDataset catalogue

Aleatory

Term · Law · MLC-T-LAW-000455

Describing a contract whose performance depends on the occurrence of an uncertain event, where one party's obligation is contingent upon a chance outcome. The value exchanged by the parties is often unequal at the time of agreement, but the potential for future gain or loss balances the risk. Insurance contracts are prime examples, as the insurer's obligation to pay arises only if a covered event occurs.

Table 1. Record
IdentifierMLC-T-LAW-000455
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000455",
  "term": "Aleatory",
  "field": "Law",
  "definition": "Describing a contract whose performance depends on the occurrence of an uncertain event, where one party's obligation is contingent upon a chance outcome. The value exchanged by the parties is often unequal at the time of agreement, but the potential for future gain or loss balances the risk. Insurance contracts are prime examples, as the insurer's obligation to pay arises only if a covered event occurs.",
  "url": "https://mlchart.com/terminology/law/aleatory/"
}

Record 228 of 5,439 in Law terminology (MLC-0107). Request the full dataset.