What does an aleatory contract involve?

An aleatory contract is characterized by the fact that its performance is contingent upon uncertain future events. This means that the obligations of the parties involved are not set in stone but rather depend on specific occurrences or outcomes that may or may not happen. For example, insurance contracts are often considered aleatory because the insurer's obligation to pay a claim is dependent on the occurrence of an event, such as an accident or a natural disaster. This inherent uncertainty is central to the nature of aleatory contracts, distinguishing them from agreements with absolute and fixed obligations.

In contrast, a contract with fixed obligations regardless of events would not fit the definition of an aleatory contract, as it lacks the element of uncertainty. Similarly, a contract that can be canceled at any time does not involve the performance-based uncertainty intrinsic to aleatory agreements. Finally, the requirement of notarization does not relate to the aleatory nature of a contract but rather to its formalization and legal validity, which can apply to various types of contracts.