Which of the following is an example of an aleatory contract?

An insurance contract is an example of an aleatory contract because it involves an agreement where the parties' obligations are contingent upon an uncertain event, typically the occurrence of a loss. In this type of contract, one party (the insurance company) agrees to provide a benefit (such as a payout) if a specified event occurs, while the other party (the insured) pays a premium regardless of whether the event occurs. The outcomes are inherently uncertain, as the insurer may have to pay out a large sum or nothing at all. This asymmetry of risk and conditionality on uncertain events characterizes aleatory contracts, distinguishing them from the fixed obligations typically found in contracts like leases, sales, or service agreements. Those contracts usually involve defined exchanges without reliance on uncertain future events.