Question Fourth. On Aleatory Contracts

618. Notions. 1. Aleatory contracts are called those whose object, that is, what must be furnished by one or by each contracting party, depends on an uncertain event, or on chance. Wherefore these contracts confer on the contracting parties not an absolute right in the object of the contract, but only the hope of receiving it.

There are aleatory contracts in which only that which must be furnished by one depends on chance or is uncertain, as in insurance, in which one must pay a certain thing, but the other must repair uncertain damage; there are others in which that which must be furnished by each depends on chance or is uncertain, as in wagering.

2. An aleatory contract differs from a conditioned contract in this, that in the latter the consent or the contract itself depends on an uncertain event, but in the former the object of the contract depends on an uncertain event; the contract itself is perfect and absolute.

3. Aleatory contracts are unilateral or bilateral, according as only one contracting party or each contracting party in a certain event obligates himself to furnishing something.

The aleatory contracts to be explained here are: a. wagering; b. game; c. lottery; d. insurance; e. stock-exchange speculations.