Louisiana Civil Code 1912 – Aleatory contracts
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Terms Used In Louisiana Civil Code 1912
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A contract is aleatory when, because of its nature or according to the parties’ intent, the performance of either party’s obligation, or the extent of the performance, depends on an uncertain event.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.