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Commutative and Aleatory Contracts:
A commutative contract is an agreement under which the parties specify in advance the values
that they will exchange; moreover, the parties generally exchange items or services that they
think are of relatively equal value.
An aleatory contract is a contract in which one party provides something of value to another
party in exchange for a conditional promise.
A conditional promise is a promise to perform a stated act if a specified, uncertain event occurs.
Life and health insurance policies are aleatory contracts.
A life insurance policy is an aleatory contract because the performance of the insurer’s promise
to pay the policy proceeds is contingent on the death of the insured while the policy is in force,
and no one can say with certainty when the person whose life is insured will die.
Bargaining Contracts and Contracts of Adhesion:
A bargaining contract is one in which both parties, as equals, set the terms and conditions of
the contract.
A contract of adhesion is a contract that one party prepares and that the other party must
accept or reject as a whole, without any bargaining between the parties to the agreement.
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