Legal Definitions - aleatory promise

An aleatory promise is a type of promise that is conditional on the occurrence of a fortuitous event, or an event that the parties believe is fortuitous. This means that the promise will only be fulfilled if something specific happens, like winning the lottery or a certain stock price increasing.

For example, if a person promises to give their friend $100 if their favorite sports team wins the championship, that is an aleatory promise. The promise is only valid if the team wins the championship, which is a fortuitous event.

Another example of an aleatory promise is a contract between an insurance company and a policyholder. The policyholder pays premiums to the insurance company, and in return, the insurance company promises to pay out a certain amount of money if a specific event occurs, like a car accident or a house fire.