An aleatory contract is a contract where an uncertain event determines the parties' rights and obligations. [1] [2] For example, gambling, wagering, or betting typically use aleatory contracts. Additionally, another very common type of aleatory contract is an insurance policy. [3]
The term was a classification developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities. [4] Many modern forms of derivatives and options may in some cases also be considered aleatory contracts. For example, the French civil code contains a chapter on aleatory contracts, with specific provisions for gaming (gambling) and life annuities.[ citation needed ]
Gambling is the wagering of something of value on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration, risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.
An eponym is a person, a place, or a thing after whom or for which someone or something is, or is believed to be, named. Adjectives derived from the word eponym include eponymous and eponymic. Eponyms are commonly used for time periods, places, innovations, biological nomenclature, astronomical objects, works of art and media, and tribal names. Various orthographic conventions are used for eponyms.
A jurist is a person with expert knowledge of law; someone who analyzes and comments on law. This person is usually a specialist legal scholar, mostly with a formal education in law and often a legal practitioner.
A circular definition is a type of definition that uses the term(s) being defined as part of the description or assumes that the term(s) being described are already known. There are several kinds of circular definition, and several ways of characterising the term: pragmatic, lexicographic and linguistic. Circular definitions are related to circular reasoning in that they both involve a self-referential approach.
Commercial law, which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities. It is often considered to be a branch of civil law and deals with issues of both private law and public law.
In grammar, a conjunction is a part of speech that connects words, phrases, or clauses, which are called its conjuncts. That description is vague enough to overlap with those of other parts of speech because what constitutes a "conjunction" must be defined for each language. In English, a given word may have several senses and in some contexts be a preposition but a conjunction in others, depending on the syntax. For example, after is a preposition in "he left after the fight" but a conjunction in "he left after they fought".
Travel is the movement of people between distant geographical locations. Travel can be done by foot, bicycle, automobile, train, boat, bus, airplane, ship or other means, with or without luggage, and can be one way or round trip. Travel can also include relatively short stays between successive movements, as in the case of tourism.
Webster's Dictionary is any of the English language dictionaries edited in the early 19th century by Noah Webster (1758–1843), an American lexicographer, as well as numerous related or unrelated dictionaries that have adopted the Webster's name in his honor. "Webster's" has since become a genericized trademark in the United States for English dictionaries, and is widely used in dictionary titles.
The caper story is a subgenre of crime fiction. The typical caper story involves one or more crimes perpetrated by the main characters in full view of the reader. The actions of police or detectives attempting to prevent or solve the crimes may also be chronicled, but are not the main focus of the story.
The following outline is provided as an overview of and topical guide to criminal justice:
A demonym or gentilic is a word that identifies a group of people in relation to a particular place. Demonyms are usually derived from the name of the place. Demonyms are used to designate all people of a particular place, regardless of ethnic, linguistic, religious or other cultural differences that may exist within the population of that place. Examples of demonyms include Cochabambino, for someone from the city of Cochabamba; Tunisian for a person from Tunisia; and Swahili, for a person of the Swahili coast.
In legal usage in the English-speaking world, an act of God, act of nature, or damnum fatale is an event caused by no direct human action for which individual persons are not responsible and cannot be held legally liable for loss of life, injury, or property damage. An act of God may amount to an exception to liability in contracts, or it may be an "insured peril" in an insurance policy. In Scots law, the equivalent term is damnum fatale, while most Common law proper legal systems use the term act of God.
Jointure was a legal concept used largely in late mediaeval and early modern Britain, denoting the estate given to a married couple by the husband's family. One of its most important functions was providing a livelihood for the wife if she became widowed, and it is most often used in this sense, interchangeably with dower.
Despite the various English dialects spoken from country to country and within different regions of the same country, there are only slight regional variations in English orthography, the two most notable variations being British and American spelling. Many of the differences between American and British or Commonwealth English date back to a time before spelling standards were developed. For instance, some spellings seen as "American" today were once commonly used in Britain, and some spellings seen as "British" were once commonly used in the United States.
In the United States, an annuity is a financial product which offers tax-deferred growth and which usually offers benefits such as an income for life. Typically these are offered as structured (insurance) products that each state approves and regulates in which case they are designed using a mortality table and mainly guaranteed by a life insurer. There are many different varieties of annuities sold by carriers. In a typical scenario, an investor will make a single cash premium to own an annuity. After the policy is issued the owner may elect to annuitize the contract for a chosen period of time. This process is called annuitization and can also provide a predictable, guaranteed stream of future income during retirement until the death of the annuitant. Alternatively, an investor can defer annuitizing their contract to get larger payments later, hedge long-term care cost increases, or maximize a lump sum death benefit for a named beneficiary.
In insurance practice, an insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object. An "interested person" has an insurable interest in something when loss of or damage to that thing would cause the person to suffer a financial or other kind of loss. Normally, insurable interest is established by ownership, possession, or direct relationship. For example, people have insurable interests in their own homes and vehicles, but not in their neighbors' homes and vehicles, and almost certainly not those of strangers. This is what separates the insurance business from gambling.
A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products.
In the lineal kinship system used in the English-speaking world, a niece or nephew is a child of an individual's sibling or sibling-in-law. A niece is female and a nephew is male, and they would call their parents' siblings aunt or uncle. The gender-neutral term nibling has been used in place of the common terms, especially in specialist literature.
Longevity insurance, describes the process of mitigating longevity risk. In the United States, such risk mitigation is often achieved using a longevity annuity or Tontine, qualifying longevity annuity contract (QLAC), deferred income annuity, an annuity contract designed to provide a regular income for life starting at a pre-established future age, e.g. 85, and purchased many years before reaching that age.
Ab initio is a Latin term meaning "from the beginning" and is derived from the Latin ab ("from") + initio, ablative singular of initium ("beginning").